We are all brought up to think about what we want to be when we grow up, and what college we want to attend. Starting in high school our parents, teachers and guidance counselors begin grooming us for college decisions. The reality of the cost of college is one that, as children, we are unprepared for. While we dream of a college education, we fail to understand the financial implications of receiving one. Many of us expect our parents to help with college costs. There is debate as to whether parents should be responsible for their children’s college tuition costs. While parents should be partially responsible for their children’s college costs, the full amount should not be solely parental responsibility.
Seventy years ago, for the most part, only the rich went to college. After World War II, servicemen were given the Serviceman’s Readjustment Act of 1944, or what is better known as the G.I. Bill (Sanchez n.p.). This gave men who would have never dreamed of affording a college education the opportunity to attend college. The G.I. Bill was such an incredible success, enrolling just a little less than 8 million veterans in college, that the federal government decided to offer programs to help civilians attend college (Sanchez n.p.). They did this by issuing the National Defense Student Loan Program, which was renamed to the Federal Perkins Loan program (Sanchez n.p.). Civil rights and women’s rights movements led to minorities and women attending college; this was helped along by the Higher Education Act of 1965 (Sanchez n.p.). During this time, colleges also dug into their own pockets to offer a large amount of scholarships and grants to the students (Sanchez n.p.). This was a golden time for colleges, and they saw unprecedented growth.
This golden time only lasted until 1970. In 1970, inflation entered the double digits (Sanchez n.p.). There was an oil embargo and the economy began struggling (Sanchez n.p.). College tuition began to climb. Students began taking private loans out to finance their education since there was no longer enough grants scholarships to cover tuition and fees (Sanchez n.p.). Public investment from states and the federal government decreased, so colleges had to find a way to make up missing funds; of course the needed amounts were passed onto students and parents in the form of higher tuition and fees.
Since 1978, college tuition and fees have increased by 1,120 percent, which outpaces the rate of inflation (The Huffington Post n.p.). This also means that college tuition rates have raised faster than minimum wage. This has turned paying for college into a true challenge. In fact, in 2013, 70% of students graduating from college had an average of $30,000 in student loan debt (Bidwell n.p.). The cost of college textbooks has also become astronomical. The average college student pays $1,100 per year for their textbooks alone (Beard n.p.). Some majors, such as business, pay even more for their books each year. While college tuition has increased drastically, the idea of working ones way through college and paying for it has become a dream while placing the expectations of paying for college on lower or middle class families risks putting those families in severe financial peril.
The federal government obviously expects parents above a certain tax bracket to contribute to their children’s college education since the FAFSA determines an expected family contribution. State governments are setting the same expectations. In 2014, 21 year old college student Caitlyn Ricci sued her parents, who are divorced, to cover her college tuition (Bertsche n.p.). While her community college tuition was only $936, she then chose to attend an out of state college whose tuition is $16,000 per year (Bertsche n.p.). Despite the reality she could have attended a less expensive college, the judge ruled in her favor and ordered her parents to cover her tuition costs. Since tuition is quickly rising, and students abilities to get enough grants and scholarships to cover it are reducing, parents are going to have higher expectations placed upon them to cover tuition costs.
While some children are forcing their parents to pay for tuition costs, others are enjoying the benefit of their parents choosing to pay their college tuition. An article written by a mother and daughter, Julie and Lindsay Mayfield, talks paying for the daughter’s college. Julie said they chose to with several considerations in mind. They made sure their own retirement was in line before paying for their daughter’s tuition (Mayfield and Mayfield n.p.). Also, they felt it was necessary to ensure their daughter had a stake in her own education so that she would properly appreciate it (Mayfield and Mayfield n.p.). They expected their daughter to get a high enough GPA to receive scholarships, and to maintain her GPA high enough to maintain those scholarships (Mayfield and Mayfield n.p.). Also, if the daughter wants extra spending money, she has to work part time to have it (Mayfield and Mayfield n.p.). Because of her parent’s choices, Lindsay feels she has had a more rich college experience than the students who are forced to work one or more full-time jobs to make ends meet. She has been able to participate in various college activities, but still has learned the value of a dollar (Mayfield and Mayfield n.p.).
While the Mayfield’s made the choice to finance their daughter’s education, not everyone chooses to do so or has the means to do so. Peter Anderson came from a poor family who could not financially contribute to his education. The most they could do was cosign on student loans with him. Anderson points out several benefits to expecting children to pay for their own college. One of these is that, if they are serious about going to college, they will strive for higher grades in order to get as many grants and scholarships as they can (Anderson n.p.). Also, because of the fact they are spending their own money and will be for years to come while they pay off loans, the student will take college more seriously instead of viewing it as a time to party (Anderson n.p.). He also argues that having to work while attending school may be exhausting, but it also grows a strong work ethic (Anderson n.p.). It is obvious he does not feel robbed by the fact his parents did not contribute financially to his education, and instead views it in a positive light.
One important factor the Mayfield’s and Anderson’s family took into consideration was their retirement fund. All parents need to consider this before they consider tuition costs. An article in US News talks about how parents are choosing to put their children’s tuition needs before their own retirement needs. In a poll, 53% of parents said they would tap into their own retirement savings in order to pay their children’s tuition; 49% said they would retire at a later age in order to pay for tuition (Jones n.p.). The reality is that students can take out loans to cover their tuition costs; there are no loans that a parent can take out to cover their retirement. With social security dwindling and pensions becoming a thing of the past, making sure that one’s retirement is in order is becoming even more important. This is why the article recommends starting a 529 fund to save for a child’s tuition costs as early as possible; the money can be removed with no tax consequences later and it is not going to negatively affect applying for financial aid (Jones n.p.).
In 2014, the Wall Street Journal published an article showing both sides of the college tuition argument. Meir Statman argues that parents should cover tuition so that their children do not have to begin their lives with crippling student loans (WSJ n.p.). He argues “Better they owe you than owe a bank” (WSJ n.p.). This is even to the extent of spending all of ones retirement to pay for college. Linda Herman is on the other side of the fence. She believes college students are adults, and as adults are responsible for their own bills (WSJ n.p.). She also makes the point that the current generation of parents with college aged children is sandwiched between taking care of their parents and taking care of their kids (WSJ n.p.). Expecting a college contribution from these already overly reached parents is expecting too much. She points out there are less expensive options for schooling, such as community college, and these options can be exercised by students who want to avoid student loan debt (WSJ n.p.).
While college tuition has become a crippling amount for most students to be able to pay, its rise has also affected parent’s ability to help. While no parent wants their child to graduate college with ridiculous amounts of student loan debt, parents are also having to consider taking care of their own parents and ensuring that they can retire as well. Total college expenses are not the complete responsibility of parents. Nonetheless, parents should have some amount of expected contribution to their child’s furthering education. While this amount does not need to be the entirety of the child’s tuition and fees, it is important that parents contribute a decent partial amount to their child’s tuition and fees.
Works Cited with Annotated Bibliography
Anderson, Peter. 'College Expenses: Should Parents Pay For Their Children's Tuition?'. Bible Money Matters. N.p., 2008. Web. 23 July 2015.
Beard, Sienna. "5 Things You Should Pay For While Your Kid Is At College." The Money&Career Cheat Sheet. 31 May 2014. Web. 10 July 2015.
Bertsche, Rachel. '21-Year-Old Sues Parents For College Tuition — And Wins'. Yahoo.com. N.p., 2014. Web. 23 July 2015.
Bidwell, Allie. 'Average Student Loan Debt Approaches $30,000'. US News & World Report. N.p., 2014. Web. 23 July 2015.
The Huffington Post,. 'Report: Cost Of College Degree Has Increased By 1,120 Percent In Three Decades'. N.p., 2012. Web. 23 July 2015.
Jones, Charisse. 'Tuition Vs. Retirement: Resist Urge To Put Kids First'. USA TODAY. N.p., 2015. Web. 23 July 2015.
Mayfield, Julie, and Lindsey Mayfield. 'Should Parents Pay For College?'. US News & World Report. N.p., 2012. Web. 23 July 2015.
Sanchez, Claudio. 'How The Cost Of College Went From Affordable To Sky-High'. NPR.org. N.p., 2014. Web. 23 July 2015.
WSJ,. 'Should Parents Pay For Their Children's College Education?'. N.p., 2014. Web. 23 July 2015.
