"… ‘Middle income parents need to ensure their own financial stability first,’ Braxton said. ‘It’s like putting on your airplane oxygen mask before you put on your children’s.’
Here are three key questions to ask yourself before you decide to open your wallet wide — or slam it shut." …
Obvious or insightful?
http://www.cnbc.com/2016/03/10/should-you-pay-for-your-kids-college-education.html
But it’s NYU
Obvious. However, we need to remember that the “average” parent today is not college educated, which means they have no experience with the college education process. (granted, the application process today bears little resemblance to the process when I was applying - but a college educated person has a base of knowledge). The “average” parent today is not overly financially literate. The “average” parent today is not educating themselves about the college application and financial aid process. Too many people believe their child has to go to a “name” school, otherwise their degree will be worthless, so they believe they need to spend the money to send their child to an expensive school.
A person who has a plan to save money, research and navigate the process and find a financially viable college option for their child is not “average”.
A step above obvious. If a parent has been trying to educate themselves and finds this article early in that process this is a good summary. If that person is late in that learning process, reading this message in yet another place should reinforce the message. The problem is that too few people try to educate themselves on this topic.
Most people are not on CC. Most people assume its still the same process as they went through. About the same cost ratio.
Then they see the numbers. Then they are shell shocked.
So the more headlines the better. Might just save one more family.
To answer the post’s title question - “Should you pay for your child’s college education?” - I would broaden the questioning. I would ask “Are parents responsible for ensuring their child is as prepared as possible to be self sufficient as an adult and become a contributing member of society?” My answer - Yes. Does that necessarily mean the child should attend college? Not necessarily. For those children whose path is best achieved by attending trade school, community college or a 4 year college, then yes, I think it is the parents’ responsibility to do whatever they can to help the child achieve that end. That includes financial support, which is much more nuanced than simply paying for college.
Well you do put on your own oxygen first, but you DO put your child’s on at some time, right? You don’t just ignore the child because there is only enough oxygen for one.
Duh… ANY pilot knows you immediately take the plane to a lower altitude.
I didn’t see any reference to NYU in the article. I must have missed it.
I do believe that parents need to fund their own retirement first and should not go broke for ANY college. That said H and I paid for NYU for D (we are full pay) and would happily do it again.
Yes, you should, if you can. I realize times are tough out there. Maybe someone can educate as to when times weren’t tough. It has always been hard to find a good career that one actually likes (i.e. won’t drive you crazy) and that pays well. I am sure being a professional surfer or late night talk show host is great but there are only 10 jobs like that worldwide so most people have to scramble around and settle for something less cool. Lots of jobs have gone overseas and they aren’t coming back no matter who you vote for. So, in some cases, you live paycheck to paycheck and grumble about things like this. Other folks plan ahead, skate to wear the puck is going to be not where it was, and find that amazingly there are ways to pay for the kids education. You usually have to live below your means. But it can be done.
Interesting question. I find that it’s not a question of rather or not a parent should help their student. The question is what going to happen to the future of this country if parents don’t help their children. Attending college or advance training is an extension of a wealth transfer. The more skilled the youth are the securer our country will be. I will discuss wealth transfers later. Paying for an education is an investment.
This comment presupposes that direct funding by parents is the only possible way for higher education to be provided. Many other developed countries offer low-cost or free college to its citizens, cutting direct parental funding out of the equation.
I calculated the minimum in my state to get a 4 year degree (2 years at community college+ 2 years at a state school while living at home) and it’s still about $50k since a car would also be necessary. While I don’t have to fund it, where else could my child get that kind of money at 18? You can’t be an independent student and eligible for financial aid without your parent’s income until 24 years old (unless married, parent, veteran or a few other qualifications). Do I want to encourage or force my child to get married, have a child, join the service, etc. so I can save some money? Do I want my child to have to wait until 24 years old to attend college? If I don’t pay, who will?
Don’t forget the subsidy you give to the student living in your house, as s/he consumes food and utilities as well as the transportation costs you considered. Generally, this is lower than the cost of putting the student in a dorm or on his/her own in housing near the college, but it is not zero.
@GMTplus7 Yes, true. But do those countries have as many colleges to support as the US does? The US has 5300 colleges according to articles from Google - 1400 4-yr colleges. Sweden has 51, Finland 44. Besides, aren’t American schools already subsidized a lot (at least the public schools?) Often the schools that cost boatloads of money are private schools. Are you suggesting that the government take over running those?
@albert69
Some states are tinkering with offering free community college to its residents. I see this as analogous to states offering free K-12, with families opting to pay for private K-12.
This varies by state. In Michigan, our “funding” is pretty abysmal especially for higher ed.
Contextualizing this, the US has over 30x the population of Sweden and about 60x more then than Finland. So yes, the US has more to support because we’re much bigger (in every sense of the word…) 
And the US has 30x and 60x the potential taxpayer base to support it.
I have always planned on helping my son pay for college. I think that even at around $30,000 average student loan debt it is still a good deal. Cars cost as much as a college education and only last about 7-10 years, a degree lasts a lifetime and benefits your kid and your and their future family. I’m lucky because my son got a merit scholarship and I can afford to pay the what it doesn’t cover.
I do think parents should do what they can to HELP pay for the education of their children. I also think the child needs “skin in the game” and that should start far before college does. In our case, that “skin” meant having a job at age 14 and every summer thereafter and putting a good amount of that $$ in college savings. It also meant doing the very best they could in order to get into the flagship or another school with merit aid to have some affordable choices. I had one child who didn’t buy into the strategy and didn’t take the traditional route to a four year school and D who did everything she could to make it happen. In the end, I have and will continue to make any sacrifices I can to keep the debt low including downgrading a vehicle, taking a second job, and stashing every last penny into the 529.