What should parents pay for?: the Ultimate Poll

[ragnarkar]

Originally Posted by StealthRabbit

I have to really wonder about the parent's "financial sense" who would take out a personal loan (or even defer personal savings) to provide college funding to JR. Unfortunately, I worked a career dealing with 'momma's boys' (Engineers who had gone to school on momma's apron strings. Just give me a 'farm kid' (self pay) engineer any day (if I'm expected to get results)).

I'll admit I grew up as one of those "momma's boys".. was raised on the belief that all the education in the world would make one wealthy eventually.

It wasn't until I got my 2nd Masters, this one in Finance, in 2009 that I realized I've taken enough from them and getting additional degrees will not increase my employability. Had generous parents who wanted to pay for a PhD in Finance but I told them "no thanks" and took the plunge in the abyss, not to mention the worst possible timing (for the economy.)

It's been rough the last 3 years but I still do not regret diving into the abyss..

[Morris Wanchuk]

Yikes, some of the things said in this thread... isn't the point of having children for them to have a better life than you did, not suffer the same hardships you did, just to prove a point?

I grew up middle class but my parents were big into education and some how got money together to send me to a private school for high school. Attending there I developed a new found respect (not resentment) for the so called "1%".

These parents, especially the foreign students, were harder on their kids than anything I had experienced. They were paying large sums of money to educate their kids and they expected perfection in return. But damned if their child was going to have student loans, just to toughen them up, or whatever nonsense.

What are these kids doing today? Many started their own business with (gasp) capital given to them by their (gasp) parents. Because? They had the means and wanted to see their children succeed.

[HeavenWood]

Originally Posted by StealthRabbit

I take it that you did not graduate in Finance, at least I HOPE not

College loans = Deferred / low interest.... my kids consolidated their college debt @ 2.7% for 20yrs. (and bought AAPL stock @ $70/sh with their college loan funds). I trust they will not have a tough time meeting THEIR 2.7% debt obligations for the next 20 yrs. (They have sold off a few shares to cover their college debt, BUT they will be paying it "monthly" for another 15 yrs).

I call that "incredibly xx efficient" and glad they had been running their ROTHs since age 12, so they could recognize the gift horse of College loans to STUDENTS. (Hint... Obama has nothing new )

I have to really wonder about the parent's "financial sense" who would take out a personal loan (or even defer personal savings) to provide college funding to JR. Unfortunately, I worked a career dealing with 'momma's boys' (Engineers who had gone to school on momma's apron strings. Just give me a 'farm kid' (self pay) engineer any day (if I'm expected to get results)).

Thanks for that needlessly condescending post.

No, I'm not a finance major. I go to lawl skool. I also agree parents should only pay for what they can reasonably afford. I heartily disagree with the idea that people whose parents paid for their schooling comprise a vastly inferior class. My dad had his undergrad and law school paid for entirely by his parents, and lo and behold, he became the youngest partner in his firm's history (just contributing something additional to this anecdotal evidence war).

[ja1myn]

I didn't answer the poll but in all honesty, most college students can't afford a dinner out with their friends so how can any parent expect them to pay their college tuition? Loans are a joke and with the given economy, working two minimum wage jobs and trying to pull a decent grade in college at the same time isn't gonna be very effective.

I think parents should at least throw some savings cash into their child's degree and request that their children pay them back in the future when they are able to.

[Coldjensens]

Parents should do whatever they feel they can and want to. It is a personal choice. My parents did not charge me rent. I worked 90 hours a week in the summer and 10-30 during school. I still had fun. (they were mostly fun jobs)

With my kids, I leave it up to them. I give them $5,000 a year, pay for insurance, buy them clothing as gifts, and help with gas or room and board a little bit. They get to figure out the rest. I like to just give them money and make them figure out how to best apply it. They are adults and it is time to learn to manage funds and expenses. I also offer to allow them free room and board if they stay at home. I do not even give them much in the way of chores (just pick up a sibling or some groceries once in a while). If they have a special need, or get into trouble, I may try to find more to help out. Daughter who lives at home and commutes, drives our spare car. Daughter who lives away bought her own car (with money she borrowed from her sister). Some times it is frustrating. We bought our daughter a $1500 used clarinet she had to have for her music ed major and then she promplty switched to vocal music and never picked up the clarinet again. (Meanwhile I am driving a whooptie to fancy dinners and events and parking far away so no one sees what i came in.) Grrr.r

[Kevdawgg]

I don't think parents should risk their retirement to pay for their child's college expenses. The child should cover it themselves, even if the family can afford.

[pumpkin5]

We paid all expenses involved in college- tuition, room and board, books, meal plan and continued to pay car insurance and cell phone they paid for clothes, gas and any of their "entertainment" expenses. We planned ahead and could afford it, I would not have used our retirement money to pay tuition may have taken out loans with the understanding that they would have to pay back some if not all after graduation.

[cpg35223]

Students should undoubtedly shoulder some of the costs on everything. Otherwise, it's an unworldly experience detached from reality, and the kids have no idea of the sacrifices most parents have to make. This is good training for life. I don't mean holding down a full-time job during school (I did this and, believe me, I wouldn't recommend it to anyone). Rather, I mean being responsible for part of the expenses. When it's their money they're spending, they're apt to be more responsible, and they're apt to be more efficient in getting their degree, rather than drifting from major to major.

My daughter is a rising senior this year, and she's already racking up money with her babysitting business. By that, I don't mean sitting on the odd night. Instead, she has a clientele of 7-8 families, all of whom are paying ten bucks an hour. Sure beats working as a cashier down at the grocery store. She already has two long gigs lined up this summer that will add up to a couple of thousand dollars. Not bad for a seventeen-year old.

[MassVt]

The kids should do what they can---perhaps 10-20 hrs/week during the school year, and full-time employment during the summer. And even if the local State University is not his/her first choice, they should still apply, if for no other reason than to give their parents a break on tuition expenses...