Even with financial aid, grants and scholarships,college education can be very, very expensive. Many students take out student loans to help cover some of their costs and parents often contribute as well. The question that presents itself is how much should they contribute and what factors are considered in that decision?
Many parents don't like the idea of their children leaving school swamped with a mountain of debt that they'll be paying off for 20 or 30 years. But they also want the student to learn responsiblity and stand on their own two feet. This article will discuss this issue and offer some tips on ways to find balance in paying for college.
Parents Should Help Some
If they have the means, parents should help pay for some of their child's college education. It's a good sign of positive reinforcement for the student to know that their parents support the decision to further their education. How much they pay for depends on a variety of factors.
For instance, if they've got three kids in college at the same time, financial contributions to each may be limited. Parents shouldn't be buried in debt either. Some may be financially strapped themselves, and in that case they won't be able to give much. The important point is that parents to what they can to give their son or daughter the support needed to earn their degree.
There are loans available for parents such as the federal Parent PLUS Loan, which will lend them any amount they want up to the full cost of tuition, room, and board - minus any financial aid the student is eligible for.
Help Children Learn Responsibility
If a child comes out of college with no student loan debt because their parents paid for everything, have they really learned anything? Of course if they graduated you hope they learned something, but the real value of their education is lost if they pay none of their own money.
Forcing students to take on some of the responsibility of paying for their own education teaches them many things, such as budgeting, the value of education, that things cost money, education is an investment in their future (literally and figuratively) and more. It is a necessary part of growing up and parents should take advantage of this opportunity to show their child how the real world really works.
Find a Happy Medium
Some sort of compromise should be made, with the parents explaining to the student that they are willing to help pay for some, but not all of their education. They should make it clear that the student needs to understand that paying back their student debt is their own responsibility and they can't rely on Mom and Dad forever.
Once an agreement is made, both parents and student should stick to it unless some unplanned event occurs. Of course, if the student wants to avoid all this trouble they could always earn themselves a scholarship and eliminate the loans altogether.
More information on Student PLUS Loans and additional student loan advice can be found at the helpful student loan website School Loan Consolidation Guide.
Many parents don't like the idea of their children leaving school swamped with a mountain of debt that they'll be paying off for 20 or 30 years. But they also want the student to learn responsiblity and stand on their own two feet. This article will discuss this issue and offer some tips on ways to find balance in paying for college.
Parents Should Help Some
If they have the means, parents should help pay for some of their child's college education. It's a good sign of positive reinforcement for the student to know that their parents support the decision to further their education. How much they pay for depends on a variety of factors.
For instance, if they've got three kids in college at the same time, financial contributions to each may be limited. Parents shouldn't be buried in debt either. Some may be financially strapped themselves, and in that case they won't be able to give much. The important point is that parents to what they can to give their son or daughter the support needed to earn their degree.
There are loans available for parents such as the federal Parent PLUS Loan, which will lend them any amount they want up to the full cost of tuition, room, and board - minus any financial aid the student is eligible for.
Help Children Learn Responsibility
If a child comes out of college with no student loan debt because their parents paid for everything, have they really learned anything? Of course if they graduated you hope they learned something, but the real value of their education is lost if they pay none of their own money.
Forcing students to take on some of the responsibility of paying for their own education teaches them many things, such as budgeting, the value of education, that things cost money, education is an investment in their future (literally and figuratively) and more. It is a necessary part of growing up and parents should take advantage of this opportunity to show their child how the real world really works.
Find a Happy Medium
Some sort of compromise should be made, with the parents explaining to the student that they are willing to help pay for some, but not all of their education. They should make it clear that the student needs to understand that paying back their student debt is their own responsibility and they can't rely on Mom and Dad forever.
Once an agreement is made, both parents and student should stick to it unless some unplanned event occurs. Of course, if the student wants to avoid all this trouble they could always earn themselves a scholarship and eliminate the loans altogether.
More information on Student PLUS Loans and additional student loan advice can be found at the helpful student loan website School Loan Consolidation Guide.