I have said this for years, and it applied to me and now my kids too! When I went to college totally at my own expense, I had a huge financial incentive to get good grades and do well in school. I was not going to waste my hard-earned money. If your college student is asking you for more money for tuition, or even for extra-curricular activities, remind them of this: A not-so surprising new study finds generous financial support appears to lead to lower grades. Time to throw away the ‘silver spoon!’
When I was in college, I saw firsthand how most of the other students whose parents were paying their tuition were goofing off, skipping and definitely not taking college classes seriously, I told myself that I would not foot the entire bill for my kids to go to college, even if I could afford it! I firmly believe, that when college kids invest their own money, they do better period!
Of course there are always exceptions to the rule, but in general, it’s best to make them pay some of the tuition on their own, even if it means they have to get student loans. I had those too, and paying them off also taught me responsibility!
Our youngest daughter is in her freshman year of college right now, and we gave her a nice chuck of money we saved for her college, but we will NOT foot the whole bill. We explained to her the importance of her having her own investment in her education, and she totally understands. She is a very responsible young lady who takes her school very seriously!
The study is published in this month’s American Sociological Review and suggests students with some of their own “skin in the game” may work harder, and that students with parents picking up more of the tab are free to take on a more active social and extracurricular life.
Did you goof off in college because your parents were paying for everything and you did not really appreciate it?
Read more on this study in Forbes where the headline reads: Want Your Kids To Succeed? Don’t Pay For Their Education!