SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all,
My father is 80 years old, a retired physician, and a big believer in a college education. He paid for my two sisters' and my undergraduate degrees, and helped with my sister's MD and my MBA. He has contributed annually to college savings accounts for each of his nine grandchildren since they were born.
While I appreciate and respect his opinion, I am not fully convinced that (a) ignoring the price tag of college is reasonable, (b) that the value of expensive colleges is always present, and (c) that the cost/benefit of a degree today is what it was when he graduated from college fifty years ago. Therefore, for my three children, I have saved enough money to cover all of the basics (tuition / room / board / transportation / fees) for four years of public university. My kids are aware of what I am providing and what I am not providing.
The other day, my father very intently emphasized to me again that he thinks that the price of college should be no object, and that the best course of action is for my kids to choose the best college for them, and that between my father and I we should just cover the cost.
On the one hand, I appreciate my father's generosity. On the other hand, as noted above, I'm not sure I agree with him. On the other other hand, it seems bad somehow to keep this conversation to myself and not inform my kids.
What I am thinking of doing is having a conversation with my kids informing them that I'll still pay what I was planning to pay, and then if they want to go to a more expensive school, they need to work that out with my Dad. If he wants to pay, and they want to accept, what's wrong with that?
On the other other other other hand, I feel like I should be the one paying for all of their college. Having my Dad help out, even though he wants to, makes me into some sort of cop-out, since I was able to retire at 46 partially because I decided not to budget for 12 years of Ivy League.
What would you do?
My father is 80 years old, a retired physician, and a big believer in a college education. He paid for my two sisters' and my undergraduate degrees, and helped with my sister's MD and my MBA. He has contributed annually to college savings accounts for each of his nine grandchildren since they were born.
While I appreciate and respect his opinion, I am not fully convinced that (a) ignoring the price tag of college is reasonable, (b) that the value of expensive colleges is always present, and (c) that the cost/benefit of a degree today is what it was when he graduated from college fifty years ago. Therefore, for my three children, I have saved enough money to cover all of the basics (tuition / room / board / transportation / fees) for four years of public university. My kids are aware of what I am providing and what I am not providing.
The other day, my father very intently emphasized to me again that he thinks that the price of college should be no object, and that the best course of action is for my kids to choose the best college for them, and that between my father and I we should just cover the cost.
On the one hand, I appreciate my father's generosity. On the other hand, as noted above, I'm not sure I agree with him. On the other other hand, it seems bad somehow to keep this conversation to myself and not inform my kids.
What I am thinking of doing is having a conversation with my kids informing them that I'll still pay what I was planning to pay, and then if they want to go to a more expensive school, they need to work that out with my Dad. If he wants to pay, and they want to accept, what's wrong with that?
On the other other other other hand, I feel like I should be the one paying for all of their college. Having my Dad help out, even though he wants to, makes me into some sort of cop-out, since I was able to retire at 46 partially because I decided not to budget for 12 years of Ivy League.
What would you do?