Sharing College Costs with Children

3scoutsmom
Mon, 03 Jun 2019 15:32:20 +0000

@Andrew2199

Our oldest is now half way through college and our second is a year away from college. Here’s the strategy we’ve been using so far:

1. Add up all costs (tuition, room, board, books, living expenses, fees, travel, etc.)

2. From that, subtract any merit aid or scholarships.

3. Remaining total is paid 2/3 by parent and 1/3 by student (with savings, summer employment, work/study and loans).

4. Parents bridge gaps with loans on generous terms.

Since this is the arrangement you’re had in place with your oldest for the last two years they’ve been in college and what the second kid would expect, why change it now? If I was your kid and you up and changed the financial agreement mid way through my college years I would be pretty upset. If you want to contribute more just pay off some or all of the loans for them or gift them them cash and let them decide how to use it. I won’t worry one bit about how others handle college finances with their kids. Do what works for you, be clear with your kids about your financial expectations from the beginning and for goodness sake don’t go off and change your expectations after they have started college!