Should you Pay for your Kids' Education?

The cost of a college education increases from year to year, much faster than almost anything else. It will become increasingly hard to afford going to college as time goes by, even if you are going for an online bachelors degree. When you have kids close to finishing high school, or even young elementary age kids, you start to feel the pressure of how you will pay for it. It could cost over one hundred thousand dollars just for the education of one child. How can you pay for this?

A better question to ask yourself is, "should you pay for it"? Some parents are wealthy enough that paying for college is like paying the phone bill. It's no big deal. For the rest of us, it's a very big deal. If you are smart enough to start a savings account for your kid's college when they are young and fortunate enough to contribute a lot to that account over their lifetime, you will have a good amount saved up for them. Others are unable to do this.

You do not have to pay for your kids' college education. You do not have to give them a dime. It is not your obligation to do anything for them once they have hit age 18. You are no longer responsible for them once they are no longer a minor. If you feel this is harsh, there are ways to help your kids out and help them pay for college even if you aren't very wealthy.

Teach your kids how to decrease the cost of their education. They don't need to go to a private school. State schools are much cheaper and often just as good. In fact, many state schools give a much better education and have a higher quality degree upon graduation than many private schools. Encourage them to choose a states school. Also, starting out at a community college will save a lot, too. If they go to a community college and then attend the college of their dreams, they will get the same degree for a much lower price than those who attended the more expensive college for four years.

Another way to save a lot is for your kids to stay home and commute to a local college. If you are fortunate enough to live near a great school, take advantage of the situation. If they live at home, they don't have to pay room and board. Also, by living at home, you will continue to support them and help them out even though you can't afford to pay for their tuition. This is another way you can help even if you aren't financially able.

Have your kids apply for every scholarship they can find that they qualify for. The more they apply for, the more chances they will win one. A full scholarships is excellent, but even a few hundred dollars worth will help you out. Also, have them work full time over the summers and part time during the school year if possible so that they can pay for their ordinary expenses. Only use student loans as a last resort and try to use federal loans if at all possible.

What if you can afford to pay for your kids' entire education, should you? Many parents will disagree on this, but a great idea is to not pay for everything. Don't pay their tuition, fees, room, board, and books as well as give them an allowance during school. If they don't learn how to support themselves in any way, they will never be able to survive when they are living on their own. They will constantly come to you to help.

Compromise with them. You will pay for their tuition and room and board, but they have to pay for their regular expenses and books. Maybe they don't have to get a par time job during school, but have them work over the summers. Work out a plan with them so that you won't pay for everything but that you will only help. Even if they aren't happy with it at first, they will learn to appreciate what you do for them more, and they will assimilate into a lifestyle after college more easily and be more financially responsible.