On Thursday, we had a class discussion about whether or not parents should be paying for their kids' college tuition(s). I stated that I believe it's the parents' duty to pay for college expenses (assuming they have the means to make these payments). I have two main reasons (amongst many others) why parents should pay for tuition and I will be exploring them in this post.
1. Tuition is too expensive for kids to pay on their own:
During our class discussion, a few people brought up the point that parents were making kids pay for their own tuition in order to teach them a lesson about the value of the dollar. The biggest problem I have with this argument is that it suggests that parents who make their kids pay for their own college never taught them the value of the dollar up until their senior year of high school. Without a doubt, dealing with the stresses of maintaining good grades and working at least one job in order to pay for college expenses can serve as a good wake up call to many young adults. But at the same time, parents have to realize how miserably difficult they're making their children's lives because of their negligence. According to the
National Center for Education Statistics, the average cost for a 4-year degree (which has become the minimum number of years one must attend college to get a decent job in this economy) has gone from $3,499 in 1980-81 to $21,189 in 2009-10. The skyrocketing price of college tuition causes students who don't have monetary support from their family to take out loans that may take decades to pay off. And not to sound too cynical, but it also causes students and former students alike to kill themselves. A
Chicago Sun-Times article tells the story of Jason Yoder, a 35-year-old college graduate, who took his life because he could not pay his college loans. Jason is just one of many college alums who gave up on life because of the mountain of debt that has accumulated from not having sufficient financial support. So, in order to avoid these types of scenarios from happening to their own children, parents should teach their kids at a young age what the value of the dollar is, and not hold off until one of the most important investments of the child's life is right around the corner and have them fend for themselves.
2. It is every parent's duty to look out for the best interest of their children:
If parents want their children to have as successful of a life as possible, I can't understand why they wouldn't give them that extra boost of paying for college. As I've mentioned in the paragraph above, there are many college graduates who are paying off their student loans in their 30's and
sometimes even in their 40's; this means that by the time they're finished with school, college graduates have incurred a significant amount of debt, which in my mind, defeats the purpose of college altogether. What good is it if I have to work long hours to start paying for my classes, materials, room/board and food, while struggling to get good grades due to my most likely hectic work schedule, just to deal with the turmoil of college (peer pressure, frat parties, etc.) and end up financially in the red after all is said and done when I can start working right after high school and live at home until I save enough money to move out, which saves thousands of dollars and avoids a lot of emotional stress?
Now, it is true that people who have college degrees earn on average around twice as much as people who do not have a degree, but is it worth going through all the frustration just to say that you've earned more money than someone with merely a GED, or does it mean more than this? I'm kind of playing devil's advocate here, but really think about this question and if you'd like to share an idea, please leave a comment.