Thursday, November 23, 2017
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Should You Pay for Your Child’s College?

If you have children, the topic of college has probably come up more than a couple of times already. Each instance giving you pause as to where that money is coming from when it comes time to pay tuition costs. Chances are you may not know the answer to that question based on your current financial situation. But if you’re among the many parents who started to plan ahead while your children were still young, you may be in a much better position to cover those costs. That doesn’t necessarily mean that you have to either. As your child becomes an adult, it may be a better option to have them assume the expense as a first lesson about how the real world works. But again, that’s entirely your call.

Put life lessons and savings aside. The question of whether you should pay for your child’s college also comes down to whether or not your child wants to go college. They may have other ideas in mind, some of which might be good ones, some that might seem like utter folly. If you’re the primary influence on whether your kid is going to be attending college, then you may be the one who should rightfully assume the expense of paying for school. If it’s a joint decision that you and your child share, then you may want to start discussing options and goals earlier than later. Which colleges does your child have in mind? Is community college a possibility? These are things to consider before you make any decisions about paying for school.

Ready for School?

First thing is first. Is your child ready to go to school? There are major mental and emotional factors that are part of going to college, not to mention the academic and financial facets that play a role. Talk to you child, see if they want to take a year off and wait to go away to school. That could be helpful in deciding who should ultimately assume the responsibility of paying for college.

Finances

Different schools come with different price tags. Attending Princeton University is significantly more expensive than attending your local community college. Having a talk with your child about where they want to attend university can help determine whether you should pay for college or let your child take on those costs.

Financial Resources

The type of school your kid has in mind can also determine the kind of financial aid options are available and that will definitely play a role in who is paying the bill. Student loans, financial aid options, all of these can be helpful in covering your costs. But it’s not just about tuition. There are other costs such as room and board, educational materials, and food. Attending a community college can alleviate many of those additional costs to lower your financial burden. There are also many online alternatives, pursuing Maryville’s dnp degree can be done from home without the need for living in a dorm.

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