One of the questions I frequently get related to paying for college is should my kids pay part of the bill? There is no right or wrong answer to this question. My general advice to the parents is that whatever decision they make should be consistent with their family’s values and the other financial decisions they have made up to this point.
Here is a short list of some of the reasons to have the children pay part of all of the cost of college:
Alternatively, having the parents pay for college has its advantages:
The next questions are how to save for college (such as prepaid tuition plans, college savings plans, UGMA (Uniform Gift to Minors Act) accounts, using an IRA, etc.) and actually paying the bills (borrowing money, scholarships, grants, tax credits, etc.) once your child graduates from high school. These, however, are other stories for another day. Stay tunes and I will be posting more information here and on my website with more information soon.