Paying for college isn’t the parent’s responsibility in our family. At least that is how we are starting our trend since our oldest child is graduating this year, her college education will be her responsibility.
The reason why we will not be paying for college is simple. We cannot afford to take on a new debt.
I don’t know how or when it started.. but people assume that as parents we should automatically pay for our children’s college education and I’m here to say I don’t believe this to be true. Here’s why!
In our current situation, we are not debt free and we did not plan accordingly to start a college savings fund for our children. Should this be our child’s fault? No, but does that mean I’d feel differently if we had the means to pay for it. Absolutely Not!
I can’t tell you how many people I know, whose parents have handed over sums of money or took out loans to help their children pay for college to find out their child lacked motivation, never graduated and they were left with the crazy bill.
Since birth we‘ve been assisting our children with their education and I feel that it’s time for them to take the next step on this important journey on their own.
If I don’t pay for their college education I feel that my children will…
- Work harder because it’s their own money
- Continue to look and put effort into scholarships, getting better grades
- Be more motivated to graduate, knowing they are responsible for their debt.
My job going forward is help them make a plan, give them options and provide encouragement to help them succeed.
If they succeed and accomplish their goals, then… the fun begins. I would love for it to be a surprise and take over their loans or help make double payments and payoff the loans faster.
As parents, with debt, do you feel you should be paying for college?
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