Comments on: Don’t Pay Your Children’s College Tuition If You Want Them to Succeed

By: Deb

Deb — Wed, 17 Feb 2010 16:36:11 +0000

How do you allow your child to pay their own college, which we do, when FAFSA states that we are a contributor to their education. It takes the amount of pell grant that she receives lower because of our income. Then she has to take out higher student loans to met the expenses. It doesn’t seem fair to her that her award is based on our salary.

By: Kristin

Kristin — Wed, 03 Feb 2010 02:21:25 +0000

I’m sorry but I have to disagree with this article for the most part. I understand in making your kids understand the value of money. I agree with this. And as a full-time student with 2 part time jobs, I can say I truly appreciate the value of money. But even with two jobs… my income doesn’t even come close to covering my expenses for school. No, I’m not at some private school that costs 20,000+ a year… My tuition is only about 6,000 a semester but throw in the costs of living, transportation, etc… and I only end up making enough money to cover my car payment, insurance and groceries. I don’t have an extra 18,000 laying around to pay for tuition and my apartment. I’m currently 20 in a four year program and I work hard at my studies (been on the dean’s list several times) and as well, I did in high school, but have never got more than a few hundred in scholarships… I have applied to many since starting college but never receive any as most are need based. My parents probably make 100 + thousand a year combined, yet they do not contribute a cent to my schooling, or anything else. So essentially I am living off student loans and will be repaying the debts until who knows when. Sounds like somewhat of a financial failure to me…

By: Been there!

Been there! — Mon, 16 Nov 2009 22:30:22 +0000

Personally, I had a very hard time paying my own way through school. My parents were unable to provide financial support, I had managed to save a few thousand dollars myself working summers prior to college, and I did receive three scholarships. The problem I ran into was my parent’s income (while not a resource to me) was too high to qualify me for many sources of financial aid, and I was forced to claim their income on my financial aid applications since I was younger than 25. I did receive one small loan (not even one term of tuition) but I had to work a large amount of hours throughout the school year in order to make ends meet. After one year of school (public, in state) I was completely out of money and had to move home with my parents for the summer. Even working one full time job AND a part time job that summer didn’t put me anywhere close to paying for my second year of school and so I did not return. Instead I found a full time job with benefits and got a small apartment. In the end it took me SEVEN YEARS to finish my bachelor’s degree (starting and stopping as money was available) and I still ended up with a $15k loan. I think I very clearly understand what you mean when you say a student needs to have a sense of ownership over their own education…I definitely felt that 100%. However, after my experience I fully intend to pay for the basic expenses (tuition, room and board, textbooks)associated with my boys’ college education! I felt the financial stress I was under during my schooling was very distracting from my education and I would have enjoyed the experience (maybe been more involved on campus in extracirriculars) if I wasn’t so preoccupied and worried about how to pay for the coming term.

By: Sue

Sue — Tue, 04 Aug 2009 01:44:55 +0000

I have learned the hard way, we paid tens of thousands of dollars for a private college, so my Stepson would get a great education, no debt. Guess what, in his Senior year he decided to drop classes and get poor grades which cost him his graduation. He said he can enroll the next Fall and take a a couple courses then one of the classes is only offered in the Spring, so he needs to take one more year of classes. That was the last of the private school. He has yet to speak to myself or his Father, for 4 months, because we have let him down and won’t help him graduate. Yes, please learn from our mistake. By the way, Stepdaughter is attending a State University, not as expensive but still we are paying cash out of pocket again to keep her from debt. This is her Junior year, she has now called and decided she is changing her major she no longer has interest in her original field of choice. Again, we are the bad people who want nothing to do with any of this situation. We just wanted our kids to be successful and paying for college does not do that. Learn from these mistakes, we are not the only parents that are living this ungrateful nightmare.

By: 107 Things That Make Good Financial Cents | Good Financial Cents -Jeff Rose Certified Financial Planner and Investment Advisor, Carbondale, Illinois

Mon, 15 Jun 2009 09:41:05 +0000

[...] Your Kids Pay Their Own Way Through College. Paying for you kids college will not help them succeed and could put you in a bigger hole financially. Your retirement should be the priority, then your [...]

By: Krystal

Krystal — Tue, 27 Jan 2009 07:45:28 +0000

While you make some interesting points, I have to disagree. My parents are paying for my college tuition, while I work full time as well. I pay for rent and all other bills, but because they are financially able to pay, they do. It is quite silly to say that because an education is paid for that responsibility would be lacking; that is up to the individual, not a predescribed notion of a slacker college kid. I take pride in maintaining good grades, and feel fortunate everyday that my parents are taking the burden that would be tremendous for me, while still expecting me to work, and be somewhat self sufficient. Making things more difficult on your children (when you are financially sound and able) is discounting what other struggles they endure. I work doubles to pay rent and other bills, as well as cut back where it is appropriate within my budget. The values that are required to obtain a good education are cemented with upbringing and experience, not necessarily that which occurred after you received your high school diploma.

By: Weekend Reading: September 1, 2008 : Moolanomy

Weekend Reading: September 1, 2008 : Moolanomy — Mon, 29 Dec 2008 01:50:21 +0000

[...] Don’t Pay Your Children’s College Tuition If You Want Them to Succeed at One Caveman’s Financial Journey – Personally, I don’t agree 100% with the article, but it does a good job of highlighting some of the key decisions. My parents helped me through college, and I am planning to do the same for my son via 529 plan and a lot of father-to-son financial education. [...]

By: Julie

Julie — Mon, 10 Nov 2008 01:30:33 +0000

I finished law school in 2007. I managed to get a scholarship after the first semester because of a high GPA Lots of hard work and sweat went into that and it covered 50% of tuition. I also worked part time at a law firm during the last two years, making $18.00 per hour. Nonetheless, I have $35,000 in federal loans. My parents are divorced. My Dad covered the bar exam prep costs which added up to $6000 (that includes living expenses while studying for the bar). I took a clerkship with a state judge after I graduated, which doesn’t pay much (the clerkship is for two years).
After the clerkship started and my student loans came due, I asked my Mother if she could help me. She say no, because I am capable of taking care of myself and because she never asked her parents to help with graduate school.
I will be honest. I hate my mother for that. That may sound drastic, but it is true. Judicial clerkships are very valuable experiences, but they don’t pay well. Why she wouldn’t want to help her daughter, when she can afford to do so, is beyond me. Sometimes it makes sense to help your kids.

By: YZ

YZ — Sat, 01 Nov 2008 14:30:17 +0000

there is always the military choice.

By: Anonymous

Anonymous — Wed, 22 Oct 2008 06:07:13 +0000

Good luck,

The government wouldn’t loan me enough money to go to college, so my parents took out “Parent Loans.” I made it through college in three years and graduated in the top 10% of my class (while working part-time & volunteering at the local food bank). Maybe I’m an aberration, but I don’t believe whether you pay for your child’s college education determines how successful your child will be in school – how you raised your child for the past 18 years will likely play a bigger role than how much you pony up for his/her higher education.

Not not saving up enough to pay for your child’s education may even leave you poorer because you may have to take out those parent loans. Or I guess you could just hope that your child decides a high school education is enough to succeed in the 21st century.