All Articles Tagged "college financial aid"
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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(Black Politics On The Web) — According to a recent study, two-thirds of African-Americans dropping out of college cite finances as the reason for the decision. To address this trend and continue the company’s history of investment in initiatives that strengthen communities, Allstate Insurance Company (NYSE:ALL) today announced the launch of the second annual “Quotes for Education” program.