Who Should Pay for College?

Should parents pay for their child's college education?

The message you send can be a lesson in itself.

As The Wall Street Journal columnist Sue Shellenbarger once wrote, "Do student loans teach responsibility or foster a lifelong over-reliance on debt? Are parents who pay their kid's way through college modeling self-sufficiency or martyrdom? Does requiring a student to get a job during the academic year instill work ethic or workaholism?"  

Many families have no alternative but to rely on student loans, part-time college jobs, and student and parental savings. What about those who can afford to pay for college? Does paying the bill really produce entitled children? Eileen Gallo offers the following advice.

Meet periodically with your adult child to establish a clear understanding - preferably in writing - of the economic arrangement. Some of the issues that should be covered include: Will the parents require a minimum grade point average? What is the student's financial contribution to his/her education and how will the student earn money? The Gallos strongly recommend the student work part-time, but no longer than 15 hours per week. Alternatively, the student could work full-time during the summer.

In conclusion, be aware of the messages and values that parental decisions send to the college-age child. What message are you sending?