Conversation on Parents Paying for College

Graduation

The following is a staff writer post from MikeS.  He is a married father of 2.  So, with the cat, he ranks number 5 in the house.  He loves numbers and helping people. Please leave any questions or comments below for either Mike or Crystal. I don’t know how exactly the conversation came up, but my wife, her mother and I were talking about college expenses.  My mother-in-law remarked how she had heard someone talking about how they were not going to be paying for college for their kids.  During the conversation, we talked about a few things.  One discussion point was whether a parent should pay for college.  The other was the plans that, my wife and I, have for our children.  The last was on how having limited student loans have benefited my wife and I financially. To Pay or Not to Pay There is not a right or wrong answer to this question in my opinion.  I do not believe that parents are obligated to pay for higher education for their children.  I believe that once a child reaches the age of 18, that anything a parent does after that is extra. Now, that doesn’t mean that … Read more

Should I Pay for my Child’s College?

I don’t know when it happened, but apparently all parents are expected to pay for their child’s college education these days. Every financial services commercial on television assumes that this is my plan, and they all ask me the same question: how am I going to pay for it? Not “are you going to do it?’ but rather “how?” am I going to do it. I want to be honest that I don’t know that I agree with this. This can be attributed to my natural contrarian streak, but I do feel that it is necessary that we examine personal finance mythology to see what works. My oldest daughter is in private school, and it costs $115 per month to pay her tuition and fees. This is discounted by 50% because my wife is a teacher at the school. Her high school tuition will be approximately $10,000 per year (not discount eligible), more than my college education cost. So for two children, by the time they are both through high school, I will have spent approximately $115,000. One saving grace is that we will save approximately $5,000 per year in childcare costs once my second (youngest) daughter goes to kindergarten in three … Read more