Now that we have estimated what it will
cost for our student to attend further education after High
School, next we need to decide who will be paying for this
education. The cost for public schools, kindergarten through
High School, is primarily the responsibility of the
government. After High School, the primary responsibility for
the cost of education shifts to the family. The government
will help through public colleges and universities, tax breaks
and financial aid but the family is expected to take the lead
in funding further education.
Within families, there may be a wide
variety of opinions on who should cover these education costs
and there really are not any wrong answers. Whatever works
for your family is the right answer.
Here are
some options:
-
The
parent pays the full cost of a post secondary education for
their child.
-
The
parent pays a portion of the education expenses such as the
tuition, fees and books and the student covers living and
personal expenses.
-
The
student is responsible for the full cost of any post
secondary education.
-
The
military covers the cost of post secondary education in
return for service in a branch of the military.
-
Parents,
grandparents, the student, and the government all share in
the cost of education.
There are
many more combinations of options but you get the idea. Again,
there are no wrong answers. The important point is to discuss
the options within the family and have a plan.
Your final
plan will depend on what resources the family has to save, the
number of children in the family, whether the student is
likely to qualify for financial aid and if academic or
athletic scholarships are a possibility. Financial aid,
scholarships and student loans can only go so far, family
savings helps to ensure a student's success in completing an
education.
