Raising children is full of choice after choice. The chances are that you may not always make the same decisions as other parents, and that is not a bad thing. What is right for one family may not be what is best for another. Some believe that their job as a parent is done when their children turn eighteen. Others think that their job is never done. This leads to the difficult choice of whether parents should pay for each child’s college education or none of them.
The Cost
The first thing to consider is how much money you would actually need to pay for each of your children’s degrees. Sometimes things come down to dollars and cents. Is it even possible for you to cover the cost? Depending on the number of children and what type of education they are trying to attain, this could not even be possible. Unless you are willing to go into debt for your children, you will have to limit and decide what amount you want to give for their education.
Fair
Life is not fair. We all have experienced this fact of life. The question to answer as parents is if we are going to keep things fair when it comes to paying for education? Are you going to give each child a set amount of money and let them spend it how they choose? Or are you going to take each education case by case and pay what you feel is justified? This is a hard choice and should be made before you get to that point not to shock anyone. Expectations should be established well in advance.
Responsibility
Who is responsible for paying for an education, a parent, or who the education is for? Your response to this will help you decide which type of parent you are. There are arguments for both sides. It is the child’s education, and it could be causing more motivation to do well if it was their own money they were spending. On the other side, some parents may want to give them a heads up by helping them get their education without worrying about the debt they will carry. Both sides have good points. Maybe there is a middle ground to be found.
Preparation
Waiting until it is time to pay the thousands for tuition is not a good rule to follow. Thinking about college while your children are young is essential if you want to be prepared. While some may have the money ready to use, others will need to set money aside ahead of time. Make it a family affair and teach your children to save for those essential things from a young age. If your children are already grown, maybe it is time to start on the next generation, your grandchildren.
College is expensive, and paying or not is a decision that should be given a lot of thought before a decision is made.