I paid ALL of my son's college expenses every semester. It was tough but he graduated debt free. I also bought him a new car as a graduation gift.
This is the way I looked at the situation. I never had to get him out of jail. He made decent grades. He does not smoke or do drugs. He is my only child. He votes Republican. He will be the one deciding when and which nursing home I will be place in. What is the difference in giving it to him now when he needs it or leaving it to him in my will?
He turned out OK and has a good job, but I do wonder if I had let him have more of a vested interest would he be more ambitious?
Steve
Steve,
Its great if you can do that and as you said he turned out well.
I have 6 children and I hope all will go to college.
However, at $40,000 per year(4 year schools) for each kid there was no way on earth I could pay for all of their expenses, even with their scholarships.
I have 2 in school now and a son going next year.
If they went to state schools it may have been different, I could have helped more, in fact what I pay for each kid that loans don't cover is more than any of our state schools cost for the year. So I could have sent them to a state school and covered their tution but I still think they need to contribute something to their own education so that they own it.
Even if I had a ton of money and could write a check to cover all their tution I would not do it.
I would let them take out loans and think they are paying for their own education and then I would pay off their loans when they graduate.
My husband and I have always agreed that if there ever came a time that we could afford to pay off their school loans, as in we came into money or something then we would help out but we would never tell the kids that because I don't want them to know that in advance.
They should assume that they are going to graduate being responsible for their own education.
Still though even at that I think I would prefer to give them money for a down payment on a home and let them pay on the school loans.
I think school loans are probably the least of all the evils of debt. They have a low interest rate and you can take many years to pay them back. You also have something to show for it in the end.
If you are going to have debt this is the kind to have.
My oldest is a senior in college and she pursued an internship with a marketing company over the summer, one that is near her school and that she can do while she is in college.
They have already mentioned hiring her when she graduates.
My other daughter took a job in the school admissions office during the school year and they liked her drive so they offered her the job for the summer and into this upcomimg school year as well.
They also offered her a position in housing, it came with the perk of a free private room all summer so she would not have to commute, but she could still make it home on weekends.
She worked at both jobs all summer, bouncing back and forth across the street to each office. She loved it, she goes to school in Boston and loves the city.
She can work whatever hours fit in her class schedule, before or after classes or days off.
This year they also offered her the position of resident advisor.
All 3 are paying jobs.
I think debt can be a good motivator.
