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Absent some kind of court-order requiring college in the form of child support, I can think of nothing that would obligate parents to pay for their children's college expenses: https://www.familylawma.com/blog/202...lege-tuition-/ And even that's not a given.
I think whether parents should pay for their children's college in some way presents a more interesting question. From where I stand--and I'm in the process of family planning now myself--I will create an educational fund for my kid(s), but that will primarily be used to cover private school (primary and secondary school) expenses if I end up remaining in Hawaii for the long term and I don't find public school acceptable. Note, my concern is more so with the amount of rowdiness my kid(s) would have to deal with in local Hawaii public school and not with the overall quality of education.
As for college, while I may entertain a college savings account, I'm less concerned about saving for college given the different avenues that are available to pay for college, to include need-based aid and merit based scholarships, etc.
Except for a tiny, tiny minority college isn't free for anyone (not counting those who go into the military first).
Unless you are very low income AND have high grades, or you are a recruited athlete or a National Merit finalist, there are few full rides out there.
The "good" job majors like STEM are competitive. It used to be that a college degree was around 120 total credits over 4 years. Now, many majors like engineering require 132-135 total credits which equates to about an extra semester and that is if you pass each prerequisite in time and are able to get a slot in every class you need (tough as many universities have slashed their budgets and class offerings).
So you can go to community college for two years to save money but chances are you will need three years in a university to complete and even get into every class required to graduate.
When public universities now are 20k+ a year (often much higher), and a student on his/her own can take out a max average of 6k a year in loans, you can see where parental involvement in financing is vital. Parent income is what is used to decide need-based aid. And forget becoming emancipated to qualify as there are tough requirements now because too many people tried to game the system.
It seems like I hear a lot of people saying they're on a scholarship or had a grant. The amount of money that has been paid universities in the US must be insane.
OP, I think the big issue is going to be determining the formula for "degree that provides good paying job" vs. "useless degree."
For one thing, like it or not, where you go matters. It's not everything, but it's something. So, say you decide that an English degree is "useless." Well, is it really useless to get an English degree from Yale, given the connections someone would make there? I mean, the folks I know who went to Ivies are doing well no matter what their degree.
Second, what formula would determine income by degree and be forward-looking? There is aggregate historical data on how degrees do in the job market as far as salary, on average... but how much wiggle room will you allow that your son may be an outlier? As well as changes in the job markets, etc. and there are no guarantees. Also, would you have a specific salary cutoff for which job/degree you want him to have?
Lastly, how would something like that be regulated by you? Your son could very well switch majors at some point to something you don't want to support, and you might not even know (colleges don't release information to parents I don't think). I suppose you could demand he shows you his report card every semester in order to get the following semester paid, but how would you recoup the past payments?
OP, I think the big issue is going to be determining the formula for "degree that provides good paying job" vs. "useless degree."
For one thing, like it or not, where you go matters. It's not everything, but it's something. So, say you decide that an English degree is "useless." Well, is it really useless to get an English degree from Yale, given the connections someone would make there? I mean, the folks I know who went to Ivies are doing well no matter what their degree.
Second, what formula would determine income by degree and be forward-looking? There is aggregate historical data on how degrees do in the job market as far as salary, on average... but how much wiggle room will you allow that your son may be an outlier? As well as changes in the job markets, etc. and there are no guarantees. Also, would you have a specific salary cutoff for which job/degree you want him to have?
Lastly, how would something like that be regulated by you? Your son could very well switch majors at some point to something you don't want to support, and you might not even know (colleges don't release information to parents I don't think). I suppose you could demand he shows you his report card every semester in order to get the following semester paid, but how would you recoup the past payments?
I didn't attend Yale, but I did attend an Ivy League school for undergraduate studies. Most of my counterparts are doing well (better than the average, I'd say), but those who majored in the social sciences (without getting an advanced degree), feminist studies, etc., are not doing so hot. One of my former classmates was on Facebook (I graduated in 2011) a couple of years ago demanding student loan relief because people like her were "drowning in debt" despite having graduated from a prestigious school Then you had people at my school who majored in engineering but who did not perform well academically. Many of them have found their footing, but it took them longer than others with good grades to do so. But this is my anecdotal experience.
Hi
As a parent how much are you legally obligated to pay for your child college education? I I would obviously try whatever I can if I feel like that would benefit them but is there any legal binding obligation to finance whatever carrier they want to pursue?
As for college, while I may entertain a college savings account, I'm less concerned about saving for college given the different avenues that are available to pay for college, to include need-based aid and merit based scholarships, etc.
need-based financial aid is assessed based on the parents' (or parent's) income and assets. Are you also planning on being poor or at least relatively poor so your children can qualify for that aid?
need-based financial aid is assessed based on the parents' (or parent's) income and assets. Are you also planning on being poor or at least relatively poor so your children can qualify for that aid?
Parents need not be poor to qualify for need-based aid. Need-based aid takes into account a whole host of things, including family's basic living expenses. For instance, for families earning between $65k and $150k, Harvard makes them contribute 0-10% of their income toward college expenses; the remainder is funded by need-based financial aid. All of the Ivy League offers need-based aid (in addition to a host of other colleges and universities). And Harvard grants need-based scholarship aid to hundreds of families earning over $200k as well based on specific financial circumstances of the family. Source: https://college.harvard.edu/guides/f...aid-fact-sheet
Regardless, the fact remains that the median household income in the US would mean that the great majority of middle income families attending schools offering need-based aid would qualify for such aid based on formulas articulated by the likes of Harvard.
My parents' income is around $140k total, yet my undergraduate school--which offered need-based aid--only required my parents to pay $3,000 a year. But I came from a large family (six children) and my parents had a large mortgage in order to support the family with adequate housing, etc. My university took all of this into account. Note, friends/classmates of mine whose families earned less than mine ended up going to school for free once the school need-based aid (and Pell Grants, etc.) were factored in.
Parents need not be poor to qualify for need-based aid. Need-based aid takes into account a whole host of things, including family's basic living expenses. For instance, for families earning between $65k and $150k, Harvard makes them contribute 0-10% of their income toward college expenses; the remainder is funded by need-based financial aid. All of the Ivy League offers need-based aid (in addition to a host of other colleges and universities). And Harvard grants need-based scholarship aid to hundreds of families earning over $200k as well based on specific financial circumstances of the family. Source: https://college.harvard.edu/guides/f...aid-fact-sheet
Regardless, the fact remains that the median household income in the US would mean that the great majority of middle income families attending schools offering need-based aid would qualify for such aid based on formulas articulated by the likes of Harvard.
My parents' income is around $140k total, yet my undergraduate school--which offered need-based aid--only required my parents to pay $3,000 a year. But I came from a large family (six children) and my parents had a large mortgage in order to support the family with adequate housing, etc. My university took all of this into account. Note, friends/classmates of mine whose families earned less than mine ended up going to school for free once the school need-based aid (and Pell Grants, etc.) were factored in.
my son is a high school senior applying to college right now so I am well aware of exactly how financial aid works. Most students can't get into Ivies and similar highly selective meets needs schools that provide that kind of aid. And that includes students with 4.0 GPA and 1500+ SATs because there simply are not enough seats at these schools for all the students who are qualified.
I can assure you that once you get out of that very top tier of schools with very large endowments, the school assessment of financial need starts to change rapidly and the amount a family is expected to pay goes up dramatically.
Much has changed in the past 10 years.
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Then you had people at my school who majored in engineering but who did not perform well academically. Many of them have found their footing, but it took them longer than others with good grades to do so. But this is my anecdotal experience.
