Monday, December 29, 2014

Who's paying for college?

Image courtesy of imagerymajestic
College tuition is a hot topic. Many people talk about how high the cost but do they talk to their children?  What do their children think about tuition and who should foot the bill? This month in NJ, a college student sued her parent for her tuition to Temple. (see When I discussed the case in my business law class, I had one 24 y/o student who absolutely believed parents owed a college education to their kids. Fortunately, Pennsylvania does not recognize a child's right to have his/her college paid for by their parents.

I think the NJ case (actually cases) are still the extreme but that doesn't mean the topic should not be discussed. This article offers four topics to consider when planning someone's college education: The topic I believe most important is to discuss with your child who is going to pay what for college. The article points out: "Some children expect their parents to pick up the tab for college, but they could be in for a rude awakening. A Fidelity survey found that 'parents expect their children to pay for more than one-third of college costs, but only 57% of those parents shared that information with their children.'"

If you are looking forward to college in some way, take a quick look at this article. It gives you food for thought and a little planning now can help keep you out of an office like mine in the future.

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