Do you think parents should help pay for their children’s college education? Do you think parents should be required to pay for their children’s college education?
These are tough questions to ask and to answer, but they are very important when thinking about the ever increasing cost of higher education.
These kinds of questions are quite personal to me and relevant to my blog. A major motivation for starting Making Sense of Cents was my $40,000 student loan debt (you can read about how I paid off my student loans in just 7 months).
My student loan debt was higher than the average $30,000 per student, and surprisingly, it is often parents paying for college by taking out loans to cover kid’s education.
I’ve read countless stories of parents who have $200,000 in student loan debt for their children, and it’s these parents paying for college who have found that these debts are causing them to struggle financially, unable to reach their retirement goals, etc. These parents end up drowning in debt because they just honestly want to help their children get through college. What they don’t realize, though, is that there are other ways to help your kids graduate from college. [Read more…]