Reply to Do you agree or disagree with this: Parents should pay for undergrad tuition

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Nope. If you want it, you'll earn it. My financial responsibility to my children stops at 18 and is limited to the basics. They can earn what they want. It is good for them. [/quote]

This will definitely be the difference between your child choosing college or a dead-end job.

I think higher education should be a parental responsibility---at least undergrad.

The loans your kid will have to take out if they choose college will be crippling to them in the future.[/quote]

The problem is if you make a middle to upper middle class living, need based financial aid/grants will NOT be offered.  The formula will assume a certain amount of parent contribution.  There is a cap to how much an undergrad can take out in subsidized Stafford Loans and even the unsubsidized Stafford loan.  So let's say freshman year, the cap is $3500 for subsidized and even with unsubsidized it is $5500 total, where is the rest of the money coming from?  You would have to end up co-signing on a loan or taking out a parent loan and expecting your child to pay you back.  Otherwise, looking at ROTC/military, having the child live at home and commute to community college, or possibly go to the local university and live at home, maybe they can work 40 hours a week and go to state school but that is a really rough road.  The issue becomes to get the top jobs not only to you need the grades (which if you are working full-time could be tough) but the leadership experiences, the internships, the independent, innovative projects ...these help you land that first job out of school in your field.

So anyway, my plan is to save enough to atleast cover tuition at a local university.  I would also like to save for room and board at the local university.  Books, spending money, semester abroad (covering not working during that time) etc. would be covered by my child.  If my child decides to go to a private school, she will have to find a way to cover the difference.  I also don't have any requirements around the major.  My child can study whatever she wants but is responsible for supporting herself after 4 years of tuition support.  [/quote]

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