It's not something you can be in the minority about - it's not something that you can say is their responsibility, and it's definitely not something that you can make them handle on their own.
The Federal Government - via the FAFSA - bases YOUR child's financial aid on YOUR earnings.
It is selfish for one to think that they shouldn't have to contribute to their child's education when the Federal Government bases a student's financial aid package on their parent's income.
I work for a University as an Admissions Officer, and I see every situation in the book from parents that have saved enough money for their children to go through both their undergraduate and graduate degree - to parents who are totally absent from the child's life - and yet their financial aid package is based on their parent's income.
The FAFSA establishes the Expected Family Contribution - what the FAMILY should be contributing out of their own pockets to assist their student through college.
While there are countless people who have been successful without a college degree, college isn't just about getting a 'good job' and about a 'career'. So much of college is about transforming oneself into a better person, a more responsible citizen, and more importantly more able to contribute to society.
We, as Americans, sit here today as the world passes us by. To think that someone can be successful and have a career that doesn't require them to live paycheck to paycheck - without a college degree or some form of technical training is an absolute absurdity.
Most people that work a minimum wage job quickly fee trapped - they are investing their time in an endeavor that is making someone else wealthy. Even if you DOUBLE the minimum wage that still isn't a LIVEABLE wage.
It isn't the goal of too many of today's young people to live on a modest bare bones income. While there is absolutely nothing wrong with doing that, it's like an example that I always use talking to groups of students who haven't considered college. No one - at the age of 18 - ever planned to be a garbage man, waking up at 2am to go pick up trash off the curb in Zero degree weather. No one planned for that to be their 'career'.
Education provides opportunities, and opportunities provide freedom, and freedom provides happiness.
If McDonald's only had one item on the menu, and you could pull up to the drive through and order a #1 - because it was the only thing on the menu - McDonald's wouldn't be in business very long. People LIKE OPTIONS.
To limit your child's options, without giving a 2nd thought to how your financial situation might impact their options and opportunities 35-50 years from now is selfish.
While I don't think that students should expect their parents to 'pay their bills' I also don't think it's fair for parents to have an 18 and done attitude.
We are talking about the future of our country, not just the future of your child.
America will once again be the greatest country in the world, when Americans want it to be. Until then, countries that value education, job training, and productive contribution to society will continue to pass us by - while we take no responsibility.
I know I am going to get flamed for this post - but I'm tired of paying the bills of other who have no concept of personal responsibility. I go to work every day, pay my bills on time, save money for retirement, save money for a rainy day, and contribute 10% of our family income to our church and to other charities.
If someone neglects to improve themselves they will end up being a tax on society. There are far more hand outs, and hand ups these days.
On the topic of saving college - every dollar helps! Your goal should be to save money for college without fear of tax penalty. That's where a 529 is best. There are good ones, and there are no so good ones. Some states have a guaranteed tuition 529 that will pay the student's tuition at any state college/university once a certain 'pay in' threshold is reached and maintained.
It's a great thing to have a savings account - your child can begin to see how much saving even just $5 dollars a week from an allowance, or saving birthday gifts, christmas gifts, etc etc.
I had a savings account from the time I was in 4th grade. I remember making coin deposits into my savings account at a very young age. I also remember almost being frustrated to tears when I wanted to buy something but all of my money was in the bank. However, that taught me to look, to shop, and to be patient in buying decisions. That made me a budget minded shopper - I still am today. I have saved thousands of dollars over the years by just making budget and shopping decisions that were dollar wise.
Kids have to learn the value of a dollar - and today that isn't much.
Especially when it comes to college, summer is a GREAT time to call the college or university that is closest to you, and explain to the Admissions Office that you would like to bring your young child in to talk about what college is, what it's important, and how one goes about paying for college. Finally - what you want to do, is discuss the actual cost of going to college, so your child has a realistic view of what college costs - so they can take part in the savings process.
There isn't a secret - there isn't a one time fix - it's something that has to happen of many years - an 8 year old has a concept of money, they have a concept of education, and they have a concept of the future. All of those developmental things come together to help a child understand another important thing - goal setting.
One of the biggest contributors to being successful in college is having a goal set. If you can work with your child in setting goals, contributing to the purchase of things they want, and saving money - you will be doing yourself, and your child a huge favor.
College is expensive - and the more you know about different colleges, career options, and the whole process/system - the better you will be able to make decisions.
As an Admissions Officer, it is my goal in the work that I do to provide parents and student with as much information as possible in order for them to make a good decision, that is right for them. If I don't think our program is a good match of the goals that the student brings, I will tell them that we aren't such a great fit, and if I know a school with better options for them - I tell them.
Start learning about colleges now - visit college campuses while you are on vacation. It's very simple, just call the Admissions or Recruitment office (it's different at many schools) and tell them you'd like to make a visit, tell them your child's age, and they can often customize the visit for your family.
The sooner your child realizes that they will need $XX,XXX amount of money to make it through college, to sooner they will realize the value of saving.
Another important factor is this - show your child the classified ads, help wanted ads etc - and have them find that jobs that they would be qualified for with just a high school diploma. Then take the starting wage for one of those jobs and work out a budget. How fast will they realize that $8.00 an hour will not allow you to keep your head above water for long at all.
Anyway - sorry for the rant - but I hope there is some useful information in my rant.
