Sharing College Costs with Children

pickpocket
Tue, 04 Jun 2019 19:28:51 +0000

I would say we followed Strategy #4. We told all four kids that their job was to get into the best* college they could, and that we would handle the costs. We stipulated that each kid will owe us parents $10K to be paid back, interest free, when they are settled in career. That’s their ‘skin in the game.’

All four kids opted for expensive privates. Fine by me – this is what we saved for all these years. Each received some, but not too much aid from the colleges.

My parents treated me to a similar deal and I think it is one of the best gifts one can give their kids. However, I am very aware that many families are not in such a position.

(* by “best” I mean fit, quality, and love of the place)