College - Who Is Going To Pay?
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We invite parents and students to make comments.
And we will follow the same rules for this interesting post. Here we go …
Budgeting In The Fun Stuff
“I’ve decided to use this week to get through some of the controversial issues I see on other blogs. I’m simply going to post my opinions and see what you think.
Today’s topic: Fronting College Costs
My hubby and I don’t have kids, but we remember college. I had some help from my parents and my husband was covered 100%.
I can’t think of anything concrete to base an opinion on. I had a higher GPA than my husband, but I don’t know if money had anything to do with that.
My parents are retired and my husband’s are not, but I’m not sure if his college expenses are what held them back. In short, I’m not sure what is best for your situation, but here’s my opinion.
I’d save for retirement before I’d save for my kid’s college expenses.
My kid can get scholarships, grants, a job, or loans. There is none of that for retired people. I rather not have to depend on others to provide for me in my old age, so I believe in retirement first.
What if you are good for retirement?
Well, that’s trickier. I remember how mature and how selfish I was as a teenager. Yes, I could handle money, but I was sooo manipulative. I don’t believe my grades would have been worse if my parents had covered me, but I might have gotten into more trouble.
What are your kids like? Do you think they will see your help as the miracle it is and earn their keep? Or do you think they will party the nights away since it’s not their money?
If I was a parent and knew I could help, I’d make them this deal.
I have X amount to contribute. If I see them working their butts off to get all the scholarships and grants as possible, I’ll help them cover the rest if I can. If they continue to work their butts off, I’ll continue trying to help. If at any point they decide to take advantage (like fail a class or two or become alcoholics), I’ll pull the plug.
The best idea I’ve heard of was from a lady that left a comment on a blog I read last year.
Her parents agreed to pay for the housing expenses of all 3 of their kids, but the kids had to cover everything else. This motivated her and her siblings to get as much “free” money as possible and work summers to cover the rest. That seemed really helpful and fair.
What do you think? To pay or not to pay, that is the question. Sorry, I couldn’t help myself. 
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