Paying for College: Should Kids Have Skin in the Game?

College is a huge investment. Should your kids take responsibility for paying part of the bill?

72% of parents from affluent families said paying for all or part of college would help their kids get the most out of their education, according to a recent online survey by Legg Mason Inc. The parents reasoned that contributing financially to their own education would help children “learn responsibility and financial skills.”

The remaining 28% said their children should not have to pay for any of their college expenses, arguing that education is a parent’s responsibility, and they would rather their kids focused on their studies, not on how to pay the bill.

The Legg Mason survey says most parents report having wide-ranging discussions with their college-age kids about what types of schools they can afford, scholarship options, the impact of student loans and other debt, and budgeting wisely for college expenses.

According to Legg Mason, “it is important for parents to discuss financial issues with their college-bound children regardless of whether they will contribute to the bill.”

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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