Should parents pay for college?

I write this blog for both parents and students, but I realize that I haven't had many parent-focused posts lately. So, today I attempt to answer one of the most common questions I get as a scholarship advisor from parents: do I have to pay for my child's tuition? Is it a parental obligation?

The bad news is, the answer to this question varies depending on each family. The good news is, it's always your choice.

When I was applying for college, I knew that my parents were unable to contribute financially toward the price of my tuition. At the time, it was upsetting, especially when I looked around and many of my peers were not worried about paying for college at all because their parents were helping them out. I got over it, and now I'm happy that I funded my education on my own.

When it comes down to it, some parents are able to help pay for college (or pay entirely) and some aren’t. Funding college is a personal, family decision and you should feel no guilt either way. There are some things, however, that all parents can do to instill some financial saavy into their college bound students.

1. If you are funding your child’s tuition, don’t let them take it for granted. If your kids have a sense of entitlement (you know what I mean), it might be good to wake them up a bit, make them pay for a semester or two so they learn about the real world. They will appreciate your contributions when you do make them.  Another option is having your child be responsible for their books or their rent. Forcing them to fend for themselves a bit will help them grow, and through the process they will gain pride, confidence, and responsibility.  

2. Teach your child about finances before they leave for college. Campuses are marketing headquarters for credit card companies and private loan officers. Make sure that your child knows about compound interest and credit card debt. Make sure they research alternative methods of paying for college (scholarships and interest-free loans for instance).

3. According to a poll of human resource representatives, students that pay for their own college are viewed as “more mature and adult-like.” It turns out that the skills learned by having to pay for college are more lasting, and helpful on the job front, than those learned in the classroom. The lesson? If you are paying for part or all of your child’s education, DO NOT let them off the hook about looking for scholarships, getting a summer job, or finding an internship! Your paying does not give them an excuse to be lazy. To keep them competitive when they graduate, they should have some outside the classroom work experience.

When it comes down to it, we all want the best for our children. Whether you are able to pay for college or not, you can be sure to educate your student about finance and money—ensuring they will value their education and not take it (or you) for granted.