Should Your Parents Pay For Your College?
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Politics and Activism

Should Your Parents Pay For Your College?

The pros and cons of parental financial support while in college.

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Should Your Parents Pay For Your College?
CBS News

College is expensive no matter what state or community college you attend. Most students can't afford to pay tuition, books, room, board and other necessary fees needed for higher education. Your parents try extremely hard to make sure you have everything you need but are your parents supposed to provide financial support to you while in college?

I know your parents love you and will most likely say, yes, to this question, but they may not be going to pay for your college correctly. Your parents may use Parent PLUS loans, private student loans, Home Equity Line of Credit and Home Equity loans. Parent PLUS loans are federal loans taken out by your parents to help pay for your college education; payments begin immediately after the entire loan is disbursed. Private student loans do not have fixed interest rates like federal loans, meaning the interest can increase. Payments also may have to be made while in you are in college. A Home Equity Line of Credit requires your parents' house as collateral which can put your parents' at risk of losing their house if payments are late or cannot be made. A Home Equity loan is a loan from the money secured by your parents' house; paying back the loan is similar to a mortgage.

You and your parents should realize the ways for paying college mentioned in the paragraph above are very dangerous. Student loans in your parent's name or cosigned by them make your parents fully responsible for the debt. When your parents take out loans to pay for your college education, they don't have the opportunity for loan forgiveness programs, like you do.

If your parents are going to help you financially through college, then they should try using methods that are less likely to cause them debt. You and your parents can set up an account at a bank close to your college, so both you and your parents can deposit money into it. This is easy, and it doesn't require your parents to make monthly payments they can't afford. Another option your parents could use if it is necessary would be using the cash value certain life insurance policies have. Though, if you only have one insurance policy with cash value, then don't use it to pay college expenses.

Be financially responsible and try to prevent debt when paying for college. I think it is appropriate for parents to help their child through college and other people may not think it is OK. Remember, though, you can pay for college without your parents help.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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