Parents just say ’no‘ to college tuition
By Chris Taylor
NEW YORK, May 15 (Reuters) Tracy Repchuk three children are 14, 15 and 16, still several years away from college, but she already got college funding figured out. When they head off to college, Repchuk and her husband will be chipping zero.
Not because they are being punished for moncler mens jackets something: Tracy calls all three wonderful, outgoing and well adjusted.
Instead, the financial tough love is simply the way the Burbank, California, resident was brought up, and she sees it as the best way to foster the self reliance that will pay dividends for the rest of their lives.
told my children that if they interested in college, it would be their responsibility to pay for it, says Repchuk. wasn a surprise announcement, since I felt cheap moncler sale this way forever. It their life, not mine.
It may seem a tad harsh, but Repchuk certainly isn alone in letting children fend for themselves once they grown. According to a new study from the University of Michigan Ann Arbor, 62 percent of young adults (between the ages of 19 and 22) are getting some kind of financial help from their parents which means 38 percent aren getting a dime.
Drill down further into the numbers, and just 35 percent of those kids uk moncler sale ages 19 22 are getting tuition assistance. Sometimes that because parents don have any money to give, and sometimes it because their offspring are no longer in school by that point. the course of the recession we saw even higher income families moncler sale online cutting back on their financial support.
It not surprising that some parents are turning off the spigot. According to the Department of Agriculture, which tracks expenditures, the inflation adjusted bill for raising a child up to moncler outlet sale age 17 these days (not even including college costs) is almost $300,000 for every single Sophia and Samuel.
Given the horrific state of savings in this country 49 percent of Americans aren chipping in to any retirement plan at all, according to financial services trade association LIMRA it hardly shocking, and perhaps highly necessary, that parents should be thinking about themselves first. As we told on airplanes before every takeoff: In case of emergency, put on your own oxygen mask first, cheap moncler jackets womens and only then help out your kids.
But even among those with the financial wherewithal to pay for their kids college, there are some who just don believe in the message it passes along. Without any skin in the game, the thinking goes, young adults won truly understand the value of their education or the value of a dollar.
worked, received scholarships, and took out loans, says Nerina Garcia, a psychologist and assistant professor at the New York University School of Medicine. made me more responsible and work harder at school, because discount moncler jackets I knew I couldn flunk out; it would cost me too much. Now I plan to do the same for my 10 cheap moncler jackets month old daughter.
Of course, these are trying economic times that we live in, moncler outlet store and college is less affordable than it was when many of these opinionated parents did their course work.
Tuition is already moncler usa at record highs and rising: The moncler outlet average student who takes out loans is graduating moncler outlet online with around $23,300 in debt, according to data from the Federal Reserve Bank of New York. While median incomes have stagnated over the last 20 moncler sale outlet years, tuition and fees have shot up 130 percent, according to the College Board. If your attitude towards your children is or swim, it entirely possible that some kids may drown.
Also, don think that just because moncler uk outlet parents aren footing the bill, that kids will magically be granted even more financial aid. moncler online store Almost all students in their late teens or early 20s are still considered dependents, so parental incomes and assets will still factor into the equation.
If mom and dad aren contributing any money at all, it the student who going to have to come up with the difference by dipping into any savings they might have, working part time while pursuing their degree, or taking costly loans.
FIRST, DO NO HARM Here are some guidelines for handling the tricky moncler womens jackets subject of tuition help while sticking to your parental principles:
Don torpedo financial aid offers. Even parents who aren going to contribute should fill out what called the Free Application for Federal Student Aid (FAFSA), which is basically the gateway to all federal grants moncler outlet woodbury and loans. parents assets and income must be reported on the FAFSA.
If they don fill it out, the student won get any federal financial aid, and their options become very narrow. In cheap moncler coats mens that case, their only shot at federal aid is if they officially classified as an student which is highly unlikely unless they already married, have a kid, or best moncler jackets are over age 23.
Get moncler outlet prices creative. There are ways monclerdownjacket to give your kids a running start in life, without necessarily writing them a blank check. When children attend college in their hometowns, some parents let them stay at home rent free for a while. That frees up the kids cash flow to be earmarked for other necessities like tuition or books, without putting a dent in the parents own savings. Or reserve the right to help cheap moncler jackets mens out with student debt later on, after your own retirement savings goals are further along.
Find the right balance. College financing isn necessarily an either/or proposition. With an obligation to cover a portion of their education, kids moncler sale will learn the value of the dollars coming in and going out, without being totally crushed by financial burdens.
contribute when and what we are able, says Jacquie Whitt, co founder of Adios Adventure Travel and mom to uk moncler outlet 21 year old college student Keenan Whitt Linsly. should college students contribute to their own education? I would have to say yes! Our son chooses to work and contribute, and we support his efforts. It good for him. It good for everyone.