Reasons to Split College Expenses With Your Child
Even if you lived frugally for years so that you can put away enough money for your child’s college expenses, there are many good reasons why you should make him or her partially responsible for paying some of those bills. Additionally, in today’s economy many parents simply cannot foot the bill on their own. There is no need to feel guilty about that. Here are four good reasons why you should share college costs with your child.
Students do better when then have a financial stake in their education. A recent study has shown that students get better grades when they have to take their fair share of responsibility of the costs of going to college. You may think you are saving them the burden of having to work while they are in school, but in reality, you are giving them more free time to get distracted by hanging with friends or doing anything but studying. Students whose parents’ pay for their entire college education tend to take it for granted.
It Is More Realistic
College costs are going to skyrocket over the next 18 years. Some experts are predicting increases of five to seven percent in tuition rates. It is unrealistic for most people, especially if you have more than one child, to expect that you will be able to cover such high tuition costs on your own. Besides tuition, there is also book, supplies and housing to consider as well. For the average family, this is far more than parents can reasonably pay for on their own.
They Need to Learn To Manage Money
Far too many students graduate college without a clue about how to handle their personal finances. In many cases, they land their first good job and wind up in debt. Teaching your child, or children, how to manage his or her money is one of the best gives you can give them. You might want to always be able to help your children out, but you are doing them a bigger favor by teaching them how to stay out of financial trouble in the first place.
It is not easy to watch your children struggle. However, hard work breeds character. Asking your child to take some responsibility for his or her college costs is reasonable and helpful. The most successful people in the world often repeat their own stories about how they had to struggle to get to the top. If you want your child to make it to the top, then give him or her chance to work his or her own way up the ladder.
About the Author: Patty Kleen is a finance specialist who loves to help families plan for the future – whether that means saving to fund college 100% or teaching families how to come to a compromise when it comes to college finances.