Don’t Pay for your Child’s Education
The other day I read an article that said not to pay for your child’s education. My first thought was “wow, that’s extreme”, but the more I thought about it, the more it made sense.
One of my biggest fears in having children is that we won’t be able to support them financially. Now, I know all of you that are parents are laughing at me right now. That’s okay. I know many people say that you’ll never be able to afford to have children. The numbers just don’t add up, but when it actually happens and you do have a child, you are able to support them (for most people). I guess I’ve always thought that I’d pay for my children’s college. Thinking about having kids doesn’t seem so scary when you take out the college.
Pros on parents not paying for college:
- Parents are more able to pay off debt, save money, and fund their own retirement. Kids can get loans for school, but you can’t get a loan for retirement.
- Kids will value their education more if they pay for it themselves. I know I didn’t take some classes very seriously because I wasn’t paying for them.
- Kids can learn responsibility and have the opportunity to save money to pay for college.
- College is expensive! Kids are going to have to take out loans to fund their education.
- Is it right to make them pay for their own education?
- They will be in debt when they graduate. That’s not fun!
I guess I’m on the fence. I think that when the time comes, we’ll save for our children’s education. We’ll save as much as we can for them, but if we can’t fund it 100%, no big deal. We’ll make sure our retirement accounts are in good shape first.
Are you going to (or did you) pay for your child’s education? Why or why not?