I found out last night that my cousin is going to be changing his major from Industrial Design to History at the start of his sophomore year of college. This change sparked conversation about the value of a degree.
Years ago when Jim and I first discussed whether we’d pay for our child’s undergrad education, I was on the side of what was done for me – parents pick up the tab for the degree and give the gift of no debt upon graduation. Jim, who had his whole undergrad paid for by scholarships, took the side that some help could be given but it’s a life lesson in responsibility to have the kid pay for at least part of their own education.
While both of us generically view a college degree as a stepping stone to earning real money, my chemist of a husband placed significantly more value on a business, science or engineering degree as they have the highest earning potential in the real world. My vote was let the kid study whatever they want to, including liberal arts.
Fortunately for our kids, Jim’s come to see my side a little brighter and has crossed the line to agree with my education-financing philosophy.
Which brings me back to my cousin who’s now making the jump from a well-paying degree to one with significantly less job opportunity because it’s more limited in scope...
As my aunt/uncle are paying for his degree, do they now have the right to redirect what school he goes to (one less expensive) based on the fact that the monetary value of the degree is less?
My viewpoint is biased because I have a very expensive degree ($20K/year +) in secondary education (low-earning potential job) but I used those skills acquired during college to land my current job. Even though my degree says I should be earning $30K/year or so, my income from my sales career, derived from having that degree and the associated skills, is higher. Therefore, I think that it is that it’s still worth it to pay a high tuition for a degree from a reputable school, nearly regardless of the degree acquired. (Side note: I'm a huge believer in the fact that the college experience itself is equally important to the "receipt" given at the end and worth the price paid for 4 years of schooling.)
Thoughts?
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here's something more in depth. Parents can get educational tax credits IF they claim their kids as dependants up to age 23 or 24. SOOO, (and I know this doesn't actually balance out), if you're going to claim your kid so you get the "benefits" in one area of life, you better still be taking care of them in other aspects, and that includes paying tuition. If you want to teach them a lesson? Fine. Pay the tuition (assuming largest cost of school) and have them pay for their board or whatever.
My parents paid for our FIRST degree (or until we got married and no longer dependant). After that, on our own (hence why I now have dept). It makes school a priority (can't claim I HAD to work 80 hours a week to pay for tuition, etc, and therefore school suffers). Gotta look at the balance and not expect everything to be one sided.
It will have to be a huge consideration in the future w/ college getting so expensive.
The old definition of "Bankrupt" is having more in debt than you make in a year.
Most graduates these days could be there even with a full time job.
I have a tendency towards if someone is helping you out financially, you need to listen to their input and advice.
I paid for a majority of my education. My parents only paid for room and board. My mom once told me she wouldn't help at all if I chose a field that had no potential jobs after finishing the degree.
That being said, I would want my children to follow their dreams. BUT, they may only get room and board from me....
I would give anything and pay pretty much anything just to go back and have that college experience. One of my biggest regrets so I agree whole heartedly on that comment.
I think people should be able to study whatever they want and it's the parents decision to pay or not pay... regardless of what they study. I feel as though the parents are paying for their education so the kid can study whatever he wants and be happy. Money doesn't buy happiness so why should the parents care what degree the kid wants to get? Shouldn't they just care that the kid is headed towards his/her dream?
What would Suze Orman say you might ask? No one will give you a loan for your retirement but they will give some a loan for college, therefore do not pay for your children's education unless you are all set with retirement funds (and who is).
Another thing which I think is fair is to set a market price for your kids (you will pay 10k per year) and they can choose where to go and whether or not they need loads. This is something along the lines of what I had and I chose UMass and therefore the tuition and room and board was about 8k and with scholarships I "made" money on the deal, where as I was looking at other schools where I would have come out with 60k of my own debt!
I think College has become too much of a business, where schools offer degrees for 100k or so for 4 years in areas of study with no hope of getting a reasonable ROI. I am all for students stuying things that are their passions, though not sure it has to be through a degree. I would lean towards only getting a degree for a career.
I thought college was just about learning how to drink heavily and still be able to get up in the morning. That and prioritizing things in your life....like whether to stay home and watch Alvin and the Chipmunks or go to your boring class on World Lit....hmmmm....this gives me a whole new perspective on what college was for.
I'm a big believer in following ones dreams and passions. I'm just not convinced that it has to cost $100,000. There are ways to learn outside of school, or in more reasonably costing schools. I'm all for the arts. As long as people realize that $100,000 is $100,000... it's real money that is spent. Spending on something that'll net you back $100,000 or more is fine. I'm just against the thinking that money is no object for education. A good reference for this topic is Steve Jobs's speech posted on Tom's blog.
Okay, now on a serious note....my co-worker has a daughter who decided to change her major to photography. She's had numerous arguements with this daughter over the fact that they as parents are shelling out thousands of dollars for something that she can go ANYWHERE to do. Her mom points out that she could go to OIP&T right here in Dayton and get a better education for less money. (I guess OIP&T has a great reputation). While I see my co-workers arguement, I can also see how I wouldn't have wanted to move back home after being away with freedom for a year. Her mom is a control freak anyways (tries to make rules for the daughter while she's away at school-yeah right!). So it really is a sticky situation.....
From an early age, my parents told me if I wanted to go to college, I would have to pay for it myself. I worked my butt off in high school and received an academic full-ride scholarship. If I wanted anything, I paid for it myself. While I was earning my masters, I worked 2 jobs too, one full-time and one part-time. All of my college friends were the same way. We worked two sometimes three jobs to pay our expenses. All of us graduated with a 3.5 or higher GPA and feel like we earned our degree instead of having it handed to us by our parents.
We knew several people who had their way paid by their parents. They sometimes showed up for class if it fit in their party schedule. If they got a B or C, they didn't care, because their parents were footing the bill. They never seemed to appreciate what they had.
As for the tax break, your parents deserve at least that little bit. If you went home to your parents for school breaks or even ate a meal there, your parents deserve the tax break for feeding and housing you for 18+ years. I never felt bad that my parents claimed me while I was in college. Being a parent involves more than opening the checkbook for their children. Parents also shouldn't have to sacrifice their retirement for their children. Their children have a lifetime to pay for their education, but parents do not have a lifetime to recoup their retirement fund after their children use it for college.
Also, I am a high school teacher. I don't know where you received your information, but teachers make way more than $30K+ a year. I'm less than 30, and my house and car are paid in full.
My parent, therefore, deserve a tax break NOW b/c I go home periodically, stay with them, and eat "their" food. Their my PARENTS, not running a business. If they didn't want teh responsibility of raising children, perhaps one should not HAVE children. Or sex for that matter.
My parents did not hand me my first degree. Did they pay for it? yes they did. But I did the work for it. And b/c they paid for it, I was able to go to college.
People can't expect to pick and choose what THEY want in child rearing. It's a responsibility and with that responsibility come positives and negatives. Not sunshiney every day. Doesn't mean send everyone to MIT or whatever. Not everyone can afford that. I get it. But I honestly believe education is part of a parent's responsibilty. Then again, if they couldn't care less if you get the education, fine, skirt on your parental duties. For my parents, education is very important.
Not having time to read anyone else's comments, here's my take...if parents have committed to paying for college, they should stick to their guns and do it, at least for the 4 years a "normal" degree would take. If your cousin takes longer, he should fit the bill.
I think I've already decided that when I start getting nieces and nephews, rather than getting them toys, I'm going to start contributing to their college funds. :-)
The majority of college students are over 18. A parent is only responsible for a child until the age of 18. If a son or daughter wants to act like an adult (live on their own, have sex, drink, etc.), they should foot the bill. If you are sponging off your parents for college, you should refrain from adult activity until you are able to care for yourself financially.
Anyone can go to college if they are willing to assume the financial obligation for his/herself.
A parent who pays for their child's college education is spoiling and indulging that child instead of teaching them to be responsible adults.
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