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If a parent can afford it (after saving for retirement), I think it is absolutely part of their responsibility of the parent to finance his/her child's education. Kids of 17 - 19 years (and yes, they're still really kids not adults at that age) don't generally have the income to afford it. Yes, they can probably make it by studying full-time and Of course kids can find ways to make it on their own if they are driven, but it really isn't optimal to be trying to study full-time and also working 30 hours a week in the evenings.
These days, a college degree is generally a prerequisite for a shot at decent earnings potential in later life. If you have the money, and if your child is willing to put in the studying effort, why wouldn't you spend that money to help set them on the course for a better life instead of a new car or flat-screen TV?
Of course, this is all predicated on the premise that the child actually goes to school and seriously studies... If that's not the case, then the deal may have to be drastically amended.
Even though both my sister and I earned full-tuition academic scholarships to college, there were still thousands of dollars a year to pay in room and board costs. The deal was that they would pay so long as we focused on learning. When both of us went back to grad school, that was another story; we were on our own for that.
I know the poll is closed but I had to chime in. I had no college fund. Not a dime was set aside for me. So I took out loans to fund my education. I cut corners by going to community college first, then a 4-year school and lived at home the whole time, rent-free.
I borrowed around $25k for the entire thing and began making payments while in my sophomore year. When I graduated, my loan balance was at $16k. 8 years late, my loan balance is around $3300 and my payments are only $50 monthly ( I had several deferments which bring the payment down).
I went to grad school for free. My former job had tuition assistance.
Saw a scary, scary piece on PBS (Newshour maybe --or was it Frontline?) and student debt. People going into school now for degrees that are purpose-driven (the main interviewee went to school for social work, so we're not talking liberal arts degrees) find themselves with insurmountable debt --based on the price of education nowadays --and in the same job situation as the rest of us (meaning unemployed). Students had debts that were two times/+ the cost of the original debt due to interest rates similar to credit card debt. And the lenders were doing sneaky things like not allowing debt to be restructured unless the account was in good standing --meaning if any payments were missed, the debt could not restructured --and talking people into paying the loan back before paying their rent. The debt cannot even be erased by declaring bankruptcy. Scary stuff. Apparently, it's a very different world out there in the world of student loans than in the old days ...
Saw a scary, scary piece on PBS (Newshour maybe --or was it Frontline?) and student debt. People going into school now for degrees that are purpose-driven (the main interviewee went to school for social work, so we're not talking liberal arts degrees) find themselves with insurmountable debt --based on the price of education nowadays --and in the same job situation as the rest of us (meaning unemployed). Students had debts that were two times/+ the cost of the original debt due to interest rates similar to credit card debt. And the lenders were doing sneaky things like not allowing debt to be restructured unless the account was in good standing --meaning if any payments were missed, the debt could not restructured --and talking people into paying the loan back before paying their rent. The debt cannot even be erased by declaring bankruptcy. Scary stuff. Apparently, it's a very different world out there in the world of student loans than in the old days ...
That's one of the many reasons that parental responsibilities include helping with school.
That's one of the many reasons that parental responsibilities include helping with school.
That's a nice thought, but things happen. Parents die, and parents flake.
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you pay my way
