{"id":230,"date":"2016-07-20T03:01:13","date_gmt":"2016-07-20T03:01:13","guid":{"rendered":"http:\/\/www.bgrfinancialcoaching.com\/?p=230"},"modified":"2016-07-20T03:07:29","modified_gmt":"2016-07-20T03:07:29","slug":"should-you-be-paying-for-college","status":"publish","type":"post","link":"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2016\/07\/20\/should-you-be-paying-for-college\/","title":{"rendered":"Should You be Paying for College"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-237 size-thumbnail\" src=\"http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/07\/Student-Loan-pic-150x150.jpg\" alt=\"Student Loan pic\" width=\"150\" height=\"150\" srcset=\"http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/07\/Student-Loan-pic-150x150.jpg 150w, http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/07\/Student-Loan-pic-45x45.jpg 45w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/>This is an interesting question for some parents.\u00a0 Most would say the obvious answer is \u201cYes\u201d; here\u2019s a different answer from a financial coach\u2019s perspective\u2026how about an <strong>\u201cIt Depends. \u201c\u00a0<\/strong><\/p>\n<p>Most parents do feel an obligation to pay for their child\u2019s college but failed to plan for it and now guess what?\u00a0 It\u2019s here.<\/p>\n<p>A <strong>Wall Street Journal <\/strong>article addresses it this way: \u201cFor many families, especially those relatively well-off, the idea of who will pay for college is a given: It is the parents&#8217; responsibility.<\/p>\n<p>But should it be?\u00a0 On one side, parents want to give their children the best chance for a happy, financially sound future. They don&#8217;t want their kids starting out in life burdened with student debt\u2014a burden that could be substantial given that the total cost of a four-year college education may approach a quarter-million dollars these days.\u201d<\/p>\n<p>A \u00a0<a href=\"http:\/\/asr.sagepub.com\/content\/early\/2013\/01\/03\/0003122412472680.abstract\">paper<\/a>\u00a0by\u00a0<a href=\"http:\/\/faculty2.ucmerced.edu\/lhamilton2\/index.html\">Laura Hamilton<\/a>, a sociology professor at University of\u00a0<a href=\"http:\/\/www.forbes.com\/places\/ca\/\">California<\/a>,\u00a0<a href=\"http:\/\/www.forbes.com\/places\/ca\/merced\/\">Merced<\/a>, larger contributions from parents are linked to lower grades among students at a variety of four-year colleges.<\/p>\n<p>The study\u2019s results are striking because most parents assume that the more money they pay for their children\u2019s education, the better their children will perform. If students don\u2019t have to spend time working a job to support themselves, goes the thinking, and they aren\u2019t burdened by the weight of heavy loans, they will be free to study more diligently.<\/p>\n<p>\u201cBut it turns out that students whose educational costs are paid for entirely by their parents, engage in more leisure activities. In other words, they party instead of study. Most students don\u2019t party so hard that they flunk out of college, but they do damage to their academic performance.\u201d<\/p>\n<p>So what should parents do?\u00a0 Parents should consider having a heart to heart discussion with their children early on about the costs of college and what kind of performance they expect. \u201cMake it clear that it is their responsibility to do well. \u00a0Have them seek out scholarship and grant monies, there are plenty of programs available; they just have to seek them out.\u00a0 Explain to them that there are conditions on the money. My favorite quote to my own kids. \u201cMy love is unconditional, my money is not.\u00a0 There are conditions on my money.\u201d<\/p>\n<p>Tell them \u201cI\u2019m going to give you this money to for tuition, books and purchase of supplies for classes. \u00a0I\u2019m not going to fund your Spring Break trips or pizza parties.\u201d \u00a0It is also important that the child\/students be required to get a part-time job or work-study position to create some income and savings. \u00a0Teach them budgeting skills early on in their development.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is an interesting question for some parents.\u00a0 Most would say the obvious answer is \u201cYes\u201d; here\u2019s a different answer from a financial coach\u2019s perspective\u2026how about an \u201cIt Depends. \u201c\u00a0 Most parents do feel an obligation to pay for their<\/p>\n","protected":false},"author":1,"featured_media":237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_convertkit_post_meta":[],"footnotes":""},"categories":[2],"tags":[],"class_list":["post-230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-life"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should You be Paying for College - BGR Financial Coaching<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2016\/07\/20\/should-you-be-paying-for-college\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should You be Paying for College - BGR Financial Coaching\" \/>\n<meta property=\"og:description\" content=\"This is an interesting question for some parents.\u00a0 Most would say the obvious answer is \u201cYes\u201d; 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