Should You Require Your Child to Contribute to Their College Expenses?

Some parents believe they have a responsibility to pay for their child’s education. Others feel that everyone should pay for their own education. Some parents would like to pay 100% of the bill, but can’t. There’s no simple answer. Some children do much better in college if they pay at least some of the bills.

Other students don’t have the time management or stress management skills to handle working, attending class, and studying. Each child is unique.

Gather the facts and make your own decision:

1. Children that contribute to their own educational expenses receive better grades. One study shows that the greater the percentage of college expenses paid for by the parents, the lower the student’s grades.

• Students that don’t contribute monetarily to their education spend less time studying and more time on leisure activities than those students with part-time jobs or student loans.

• However, graduation rates are higher for students that don’t have to pay toward college. For those that do contribute to their own education, financial issues are more likely to cause them to withdraw prior to graduation. The graduation rate for students that don’t receive any financial help from mom and dad is significantly lower still.

• There are some students that find the distraction of work and school to be too much to handle.

2. Sometimes, it’s the only way. Not all parents have the financial means to put their children through college. Some students must contribute toward the expenses or choose not to attend college at all. Your child may have more financial aid opportunities after sitting out of school for a year.

    

3. A college education is an investment. A few parents view a college education as a vacation or a toy. The resulting attitude is, “Let him pay for it himself.” But education is an investment in the future. Few children are able to financially handle this type of investment without incurring debt that will dog them for a decade or more.

• It can potentially be an investment in the parents’ future, too. The children will potentially be in a better position to provide financial assistance to aging parents.

4. Students that pay at least some of the expense are more highly motivated. A student naturally takes school more seriously when he has to foot at least part of the bill. It’s no longer just mom and dad’s money. It can serve as a wake-up call to take responsibility for one’s life. No one likes to waste money, either.

5. Consider your own experience. Did your parents pay for all of your college education? How well did it work out for you? If you didn’t go to college, try to imagine paying for some of your education yourself. How do you think your kids would fare? Would they take college more seriously? Or would the added responsibility be too much of a burden?

    

6. Will your retirement plans be negatively impacted? It’s easy to think, “I’ll just have to work for a couple of more years.” Are you certain that will be an option? Your health may decline between now and then. Your employment opportunities may be significantly reduced. Think about your own future, too.

The decision to pay for your child’s education is a personal one, based on your beliefs, finances, and your child. Many children will perform better in school and take their education more seriously if they contribute financially. What will be best for your child? How will your retirement plans be affected by this significant expense?

Michelle R Russell

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