Why Parent's Should Avoid Paying For Their Children's College Education

Friday, 4 January 2013
There are many parents that pay for college education of their children. They consider it as their duty and are willing to any lengths to pay for their education fee and other expenses. Here are some of the reasons I feel that parents should avoid paying their children's education expenses.
a) Most parents dig into their savings to pay for their children's education expense. I may sound selfish but your saving is for your retirement. If you spend your saving on your child's education, you will have no money for your future. At times, parents have to delay their retirement because they don't have enough savings.
b) If children known that they have to pay for their college education, they will work harder. They will try to get scholarships to reduce the education burden. If parents pay for college education, children will take their education for granted. They will not put in effort and will get lower grades.
c) When children pay for their education they become responsible at an early age. Most kids start realizing their responsibility only when they reach mid 20s. Children need to be taught the value of working hard. They need to understand the importance of money and the effort that goes into earning it. So if you don't want to spoil your children, don't pay for their college expenses.
d) When college expenses of your children are met, if gives them a false sense of security. They start depending on their parents for all their necessities and luxuries.
e) Students tend to become lazy if their college expenses are met by their parents. They start to enjoy their free time instead on concentrating on their education.
So next time you pay for your children's education, make sure you remember the points that I have mentioned.