FMF has an article Parents or Kids — Who Should Pay for College?
Some people feel it’s the responsibility of the child to pay for his own education. I have a friend who almost didn’t go to college because he had no way of paying for it. On the other hand, I have friends who had their tuition all paid for and they are in even MORE debt than they were in college since they didn’t learn the value of money.
I don’t have any kids and don’t plan on having any for some time. Hypothetically: Would I pay for their tuition? Let’s see what the pros and cons are:
Pros:
- They won’t have any student loan debt.
- I can invest $5,000 when they’re born to pay the entire tuition bill.
- They can concentrate more on school.
Cons:
- They won’t learn how to handle money.
- They’ll take school for granted.
- They won’t learn a good work ethic.
- I have to pay for it.
Tuition is increasing at an enormous rate. I would never want my kid to take on $100,000 in debt right out of school. That’s almost unbearable. I want to help my kids but I don’t want them to use the money as a crutch. I want to help them out as well as teach them to help themselves. I think a compromise is in order.
The Hybrid:
- I’ll pay for your tuition BUT if you want to eat, you’re on your own.
- You pay your tuition BUT I’ll match you dollar for dollar.