When your kid gets close to graduating from high school, your family has some important decisions to make. Will they go directly into the job market, take some time off, or head to college? More and more, kids are choosing the college route. However, choosing to go is only a small part of the battle; college is expensive, and parents have to decide how much, if any, they will help pay for costs associated with education.
1. Education Is Guaranteed
If your child is unable to afford going to college with their own savings, they could choose to give up on it. However, when you pay for their college education, you are ensuring that they can get the college education and experience that are becoming so important. Also, the freedom from worrying about the cost could help them enjoy some experiences, like athletics and clubs, that they would miss out on if they had to have a job.
2. They Will Be Exposed To Different People
Part of the ritual of growing up involves exposure to many different kinds of people and places. Children are generally only exposed to a select group of things as they go through their school ritual. They hang out with a select group of friends, visit select businesses, and so on. When they move on to college, they will find that the world has many more things to offer. Not all of these offerings will be positive, but it is imperative that they are at least made aware of their existence.
1. Financial Problems
College is not the cheapest thing you could pay for in your role as parent. Classes often cost thousands of dollars before you even get to associated expenses like textbooks, room, and board. Because of this, parents often find themselves in financial straits when they fund their child’s education. Even if you managed to start a college fund when your child was very young, it may not be enough.
2. Values and Responsibility
When you’re paying for everything, your child may not learn the valuable lessons that come with paying for themselves. How are they to learn about the value of a dollar when their parents are always giving them money to spend? How can they become responsible if their parents are doing everything for them? Will they try as hard in classes that they didn’t have to pay for? If you aren’t careful, your children may go through life believing that everything should be handed to them, and not understand their role as an adult.
College is an important step for many children, but the financial aspect of it shouldn’t be taken lightly. If you aren’t comfortable paying for your child’s education, but you don’t want that entire burden placed on them, you may need to figure out a middle-ground that works for you and your family. Scholarships, student loans, and on-campus jobs could also help make college more affordable and give your kid the responsibility they need as they become more independent.
[author] [author_info]About the Author
Thomas Brandon is a father of four, a loan consultant, and a content contributor for online insurance companies. He helps families get cheap unsecured loans as well as secured loans to help with their financial troubles.[/author_info]