<p>
[quote]
"We believe that unless the kids pay for it out of their own pocket, they're not going to value it," said Matthew Le. "They won't realize what education costs them and they won't take it seriously."</p>
<p>Financial planners and college aid directors say the Les are part of a growing number of parents who in recent years have shifted responsibility of paying for college to their children. Stagnant family incomes combined with skyrocketing tuition rates have pushed more parents into taking the sink-or-swim philosophy, experts say.
<p>Grandma worked her way through Penn State, in part by spending two years as live-in help at the college president’s house.
Mom worked her way through Penn State, in part by spending three years as live-in help in faculty homes.
Dad “worked” his way through Iowa State by serving in WWII and earning a right to the GI Bill.
I had help from Mom and Dad and grant money from my college, and of course I had summer jobs and work-study jobs on campus, AND all my college loans were my own - Mom and Dad didn’t take out a nickel in loan money for my education. Ultimately those college loans were the equivalent of two years of tuition, fees, and room and board at that college.</p>
<p>Why the writers at the Trib think that this is a big deal worth reporting on is totally beyond me.</p>
<p>Whether it’s worth reporting is a different issue, but I get the sense that your situation, happymom, is the outlier. I suspect most parents take on some debt for their kids’ education. I, too, am of the mind that having your kids responsible for at least part of their education will lead to them valuing it more - I did. Of course, I’d also like to have my D graduate without a huge amount of debt to repay, so hopefully we will find some workable middle ground on this issue.</p>
<p>Flagship state uni COA: $18k+ (my own flagship uni).
Student works 20 hours a week at $10/hr, for 30 weeks: $6000.
Summer employment: $6k (living at home, not paying rent).
That leaves a gap of $6k per year for year one. Assuming that the COA rises every year for four year, a student would be in debt to the tune of $25-30k upon graduation. If the student works fewer hours during the academic year or has a summer job that does not pay as well, the debt will be higher.
That’ll teach 'em!</p>
<p>marite – my guess is that students who work 20 hours a week and work hard all summer don’t always complete undergraduate in 4 years (it can be tough getting all the necessary classes to fit around a work schedule) which just adds more cost.</p>
<p>Correct me if I’m wrong, but I thought that all the super-selective colleges that have announced financial aid initiatives such that (typically) a family with an adjusted gross income under $60K doesn’t have an expected family contribution STILL have the student pay a student self-help contribution (assumed to come from summer earnings, the student’s personal savings or assets, or school-year income from work). I thought all colleges at the top level of selectivity expect students to have some skin in the game. There are, of course, some “merit award” colleges that essentially pay a few students a year to attend Alma Mater, but those colleges usually test the award recipients pretty stringently for self motivation before passing out the awards.</p>
<p>My husband and I both put ourselves through state universities without any help from parents or any financial aid. So we told our son at a very young age that he would be expected to contribute towards his own education. My son started working in 7th grade. The deal we made with him was that we would pay his tuition (next year about $35,000) and airfare (he wouldn’t come home if he had to pay it), and he would pay room, board, books, and everything else (next year about $14,000). He did have full merit rides to a few schools. He made his choice knowing how much he would have to contribute.</p>
<p>So there are parents that are looking at their children’s education as their retirement plan? That seems risky in so many ways.</p>
<p>My husband and I have set aside money for our children’s education because we wanted to. We feel it will give them the time and opportunity in college and after to bloom. It’s an investment in their future, but I would never count it as an investment in my future.</p>
<p>Yes, I erred on the side of working a lot of hours and earning lots of money over the summer to show how much debt a student could accrue even if the student worked very hard all year, if parents refused to pay at least part of the COA. </p>
<p>The point of the article, and what I tried to show, is that most American students are not eligible for merit scholarships or are admitted to one of those uber-generous but also uber-selective universities. That’s why I used my state uni to calculate costs, assuming that the student does not receive scholarships.</p>
<p>Aligh_anarchist: My S is going to be earning more over the summer. But I’m aware he’s very lucky.</p>
<p>I believe kids should pay at least part of the cost of their education, i.e. have skin in the game. Both H and I paid 100% of our college costs without help from parents, but am not sure that is relevant to our kids because that was a necessity not a choice. We are in a stronger financial position than either of our parents. However, I do want every financial bill (including tuition, room, board, books, study abroad, etc.) to have a consequence and be understood by the student. Our kids therefore split all direct costs with us on a percentage basis (extras are 100% theirs).</p>
<p>Their percentage was established when they were very young, so they have been saving for college since age 14 when they got work permits. If they don’t have enough, they will have to take out loans and they know that. The percentage is such that if they choose an in-state public (which S1 did), no loans will be needed. If they go for something more expensive (which S2 might), he will probably need loans. </p>
<p>It is a lot more work to divvy up costs this way than if we were to just pay a lump sum or pick up certain costs while they pick up other costs, but we think the detailed financial accounting is an important learning tool. Plus, Excel spreadsheets and discussing financial issues are considered entertainment around here. So far, it has worked very well.</p>
<p>It’s one thing if parents can’t afford to pay for college. It’s another if they can afford it, but choose to withhold it. </p>
<p>Sometimes I find myself wondering how many in the “make them earn it themselves” camp are using that argument as an excuse for not saving enough or at all.</p>
<p>The average summer job for undergrad College students pays less than $3000. Most of them pay not that much more than minimum wage. There are a handful which do pay well.
These students will probably apply for financial aid. All undergrad students under 24 years old are considered dependent students, and thus, they look at the parent’s income/assets. The EFC is a combo of both parent and student finances. For a parent to not help out with an EFC, can be cruel to some.<br>
I personally through loans, jobs and a college fund set up by my grandmother when I was 5, paid for half of my costs. My parents paid for the other half. It was always understood that I would go to a public in-state university. Anything beyond that would be my responsibility.</p>
<p>D1 attends an OOS private. We consider all merit aid as “skin in the game”. We pick up all other expenses left over except for spending money. D1 must use her own $$$ from summer and school employment for all extra expenses. D2 will have athletic/academic aid but will be at an OOS public school. She starts her first job tonight! We have college accounts for both. D1’s will be empty when she graduates but D2 will have 3/4 left. Bummer for D1! ;)</p>
<p>happymomof1: I think the reason the Chicago Trib thought their story was newsworthy is because the cost of a college education today is much greater in comparison to income than it has been in the past. </p>
<p>I still have my ACT student’s booklet that included average annual tuition/fees/room&board for different types of schools in different areas of the country. </p>
<p>In 1965 the average private university in the north atlantic region (the most expensive example given), would have cost $2,204 for one year’s tuition/room&board. Nowadays, that total would probably be closer to $40,000 or more. Average cost for a public university in the same region was estimated at $1,015 per year. Our state flagship total for next year is $25,000. The average salary now is NOT 20-25 times higher than it was then.</p>
<p>It is much more difficult for families these days to afford the spiraling costs of a higher education. And then to expect a student to shoulder all of the burden him/herself, even if the parent can afford to pay part of the total, is interesting (and depressing) news to me.</p>
<p>Certainly I know families who cannot afford to pay anything for their kids college expenses; but of those families that can help, they ARE helping. And the kids are working hard, too, at whatever kinds of low-paying jobs that they can get to help pay for their educations.</p>
<p>To put things in perspective. Someone we knew back in the late 1960s took a job as an assistant professor at a top university for $12k. The tuition at that university was as cited above, around $2k. Nowadays, an assistant professor at the same university would make about $60k. The tuition there is $45k+.</p>