30 Sep Who Pays for College? Tips from Aspire Soccer Consulting on Partnering With Your Athlete to Pay the Bursar!
A college education is one of the greatest gifts we can give our children. If you have the resources to afford college, I encourage you to invest in the development of your child’s mind.
That said- the gift of college can be abused. Not every student attends college for the right reasons. Sometimes colleges themselves can abuse the process by prolonging the college stay. For the parents who are paying, college is an expensive place for students to “find themselves”. Whose “dime” is it on? Jim Fay and Dr. Foster Cline address this issue and a multitude of adolescent issues in their exceptional book, Parenting Teens with Love and Logic. In their 5 decades of working with children they have never seen a student flunk out of college on their own dime.
Parents can fall into a trap of paying to “encourage” teens in the fear the child will never get an education if they don’t pay. There are options for parents. Decide what you will pay for and how to best partner with your child to grow them in maturity around money and opportunity. The more responsible a student is, the more you can safely pay for. Here are some ideas from Dr. Cline and Jim Fay as well as from Aspire Soccer to help high school student’s transition to responsible college students:
- Have your student get a loan for school. Reimburse them for their passing grades at the end of the semester.
- Clearly communicate what you will pay for – for instance, I will pay for 4 years at an in state college rate. You must pay for the rest.
- Pay a percentage of the college expense. It is best to allow the student to learn to use money in an account they manage rather than flashing the parent’s credit card. This is the final transition to adulthood and your opportunity to teach money management.
- Announce the amount you have been able to safe for their college expenses. Encourage scholastic and athletic scholarships and allow the student to keep any money left in their account after their degree is obtained. It is really money and really theirs. Having a little nest egg to start them is an enticement for students.
Good athletes are receiving athletic scholarships. Some athletes who are less gifted then your athlete may also be accessing the financial benefit of their athletic ability. I love athletes, but I don’t care for debt and wasted opportunity. I encourage you to read Parenting Teens with Love and Logic and to call Aspire Soccer Consulting and Resources. Both will lift you parenting load and give you wise practical advice.