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I really think a student should have some skin in the game when it comes to costs. If parents *can* help, I think that is great. And I think it helps make it more likely your child will go to college. But...sending kids to college (full ride) is far beyond most parents.
Absolutely not. Your parents' first responsibility in setting aside money for the future is their own retirement. If they choose to put money aside for college after that, it's very generous, but it doesn't make them better parents than those who do not.
I disagree completely. Parents' first responsibility is to their children. Retirement is a luxury that must take a back seat to the needs of the children.
We have put money into 529 plans for the kids but by the time they graduate high school, they'll be lucky if it covers a year of study at an in-state public school. We have also put money into general savings accounts for the kids that they will "take over" upon reaching the age of 18. We've told them early and often that if they want to go to college, they need to excel in school so as to qualify for every scholarship they can possibly get and that the 529 will likely not cover more than a year of school unless they opt to go to community college and live at home while in school (which I've said they are welcome to do with the caveat that they move out on their own upon graduation).
I'm not a bad parent. I'm a parent that doesn't see college as being necessary for success. Yes, I went to college, and yes, my parents paid for most of it (the rest was paid for via scholarhips, loans in my name, and doing paid work study all four years with that money being applied directly to my tuition), but that was 25 years ago. Times have changed, and 4-year degrees aren't as necessary as they once were. But let's face it - upon graduation I became a word processor - I didn't need a degree for that.
I disagree completely. Parents' first responsibility is to their children. Retirement is a luxury that must take a back seat to the needs of the children.
Many financial advisors say the opposite.
The parents' responsibility to their children is to provide shelter, clothing, food, etc. It is NOT to provide a college education.
When the discussion between COLLEGE FOR THE KIDS versus RETIREMENT FOR THE PARENTS, many financial advisors recommend focusing on retirement.
Here is just ONE article of many that discuss that very topic:
My parents raised seven kids on a Soldier's salary and didn't set aside a dime for anyone's education. We all joined the military and those of us who wanted to attend college did so on the G.I. Bill after our enlistment. If parents have the means and want to save money for their kids' college, more power to them. But many parents aren't in that position, and shouldn't be viewed negatively because of it.
I disagree completely. Parents' first responsibility is to their children. Retirement is a luxury that must take a back seat to the needs of the children.
As far as I know the only cultures that support that view are the cultures where the elderly parents move in with their children and it is the total responsibility of the children to support and care for their parents as long as the parents are alive.
Quote:
Originally Posted by Girl
Many financial advisors say the opposite.
The parents' responsibility to their children is to provide shelter, clothing, food, etc. It is NOT to provide a college education.
When the discussion between COLLEGE FOR THE KIDS versus RETIREMENT FOR THE PARENTS, many financial advisors recommend focusing on retirement.
Here is just ONE article of many that discuss that very topic:
To the person who anonymously messaged me that degrees are MORE important today - they are only important if you are going into an industry that requires higher learning, such as STEM.
But there are many of us out there who feel that 4-year colleges can (and should) be avoided. I'm encouraging my kids to consider ALL their options - tech schools, community colleges, as well as in-state schools. BUT, I'm not forcing my kids to go to college, and should they get into a school that costs big money, they will need to figure out a way to pay for it since their 529s may only cover a semester or two.
There are plenty of careers out there that don't require a 4-year degree. In many instances, a 2-year degree will suffice, if at all.
I think the expectations that parents always pay for college is a more recent thing.
I graduated college 12 years ago. Everyone of my peers had student loans. I've kept in touch with 15-20 or so and we often discussed the progress of our student loans, and even had parties when one person finished paying them off. I know my sample size is small, but my opinion is that parents paying for college seems to be a more recent theme, otherwise we wouldn't have article after article on how student loan debt is crippling millennials across the country.
In my opinion, parents should focus more on retirement, than college. The best gift a parent can give their child is not saddling them with the burden of taking care of an aging parent when they should be focused on their own personal life, kids, marriage, etc.
I never expected my parents to pay for my college, and I certainly don't fault them for it.
I think the opposite. I graduated 20 years ago and most people I knew had college expenses paid by parents. People in my parents generation could, in general, more easily afford to both save for college, and retirement. It's more difficult now with many companies doing away with paid retirement.
I disagree completely. Parents' first responsibility is to their children. Retirement is a luxury that must take a back seat to the needs of the children.
No way! Because if you don't plan for it then your kid is going to have to take care of you or you are going to be very poor living of SSI.
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