Why You Should NOT Pay for Your Kids’ College Education

April 18th, 2012 - By Charlotte Young

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If you want to see how fast your money can go to waste, try saving money for your children’s college education. Yes that’s right, turns out your caring and loving gesture can in fact be one of the worst financial mistakes you can make. According to MSNBC, new research shows that college kids whose parents fund the entirety of their education—from tuition to books to housing, end up being really lousy students.

“Parents who pay for everything — including their children’s recreation and fun money — they have children who are more heavily into drinking, drug use, marijuana use,” Laura Padilla-Walker, associate professor at Brigham Young University’s School of Family Life where the research was conducted said to MSNBC.

BYU’s School of Family Life took their data from 400 college students across the nation. The study observed that students whose parents paid for everything were generally not only poor students, they also had no real idea of what they wanted to do when they graduated. The study also concluded that students receiving no help at all were the ones that were most focused on the future. So it seems to help your children fully understand the benefits of school and learn how to focus and study hard, they need to carry some of the heavy price tag of college.

“It doesn’t look like you have to pay all your student’s college expenses in order for them to be successful,” Padilla-Walker said.

That doesn’t mean you shouldn’t help out at all. Students that end up paying for college in its entirety often take longer to graduate or are forced to drop out because they can no longer afford it. They also may lack the time to truly enjoy all aspects of college.

So what’s the best amount to contribute? According to Prof. Padilla Walker, about 25 percent.

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  • Treacle234

    My parents did not pay for University education because getting your first degree is FREE and covered by the state in my country.

  • Philippe

    My parents didn’t actually pay for my college education, it was actually funded entirely through scholarships, but they did give me money for recreation and I’ll admit I was definitely a party animal in college. I did my fair share of drinking, almost every weekend, but at the same time I still did my work, and in the end I graduated in 4 years with honors. I think the study should get a bigger student sample than 400, because there are many that don’t fall under this umbrella. I think had I paid for my schooling myself, I probably would have behaved a little differently, it is something I never really thought about though. 

  • Allie1234

    I’m in school and my parents didnt save or pay for anythings. Im on financial aid and apply for loans. My parents and I never expected them to pay for anything if I went to college. 

  • Marissa

    I must say, I do agree with this. When I first graduated high school, my mother was working for the community college. Not only did I get approved for financial aid, but I also did not have to pay because I was still claimed by my mother (she was still an employee). Sure enough, I failed to take my studies seriously and dropped out 2 times. Finally at the age of 24 when I realized I really didn’t want to serve tables for the rest of my life, I decided to go back to school. Only this time, I had to pay for everything myself. It made me become more dedicated to my classes and also the fact that aside from the assistance with my tuition she never gave me any money for spending, really made me learn the value of a dollar.

  • sweettea

    Makes sense to me. Its good for kids to learn the value of hard work to get what you want in life.

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