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One of the biggest concerns for many families is how they are going to pay their children's college expenses. When we look at college budget for the academic year 2007-2008, the average cost for full-time undergraduates to attend four-year public institutions, including tuition, fees, room and board, stands at $14,600. The average for tuition, fees, room and board cost stands at well over $30,000 for private institutions. Note this college budget does not include health-related expenses and insurance, transportation and automobile repair expense, or a range of other ancillary costs. Dealing with such large amounts of money, it becomes apparent than parent child contracts can be of much use.
In the United States, there are millions of others like you and me. We span two generations, often called baby boomers and Generation X. Our group includes all economic conditions that effect our college budgeting strategies. Some of us have toiled through poverty. Some of us have had a different kind of struggle dealing with affluence. A great many of us, perhaps obviously, are in the middle. Whether in the middle or at either extreme, all of us have been working to get our children grown, and have a different view on how college budgeting should be done due to differences in age. We are either there already, or we are fast approaching that place-the place with adult children. Like it or not, our relationship changes when our children become legal adults.
You may wonder if a college contract is really necessary.
No. It is not necessary. For decades, parents and their children have gotten along just fine without a formal contract for college pursuits. Some of today's parents and their children do not need this process at all. But a better question for most of us is whether it is valuable and worthwhile.
Yes. The College Contract (tm) process is valuable in several ways. It will likely save money-for the simple fact that a budget is a key component of the College Contract (tm). Making a budget and sticking to it is a no-brainer, but few adults as a parent-child team actually do this together. If you fail to make a written college budget and agree upon the budget, then you have not actually made a College Contract (tm). Equally as important, the College Contract (tm) process improves the way you and your adult child will communicate over the next few years. Other positive outcomes for your college student include better decision making, smarter college budgeting, and faster completion of the degree sought.
From the mid-1990s through 2007, inflation-adjusted tuition jumped 40 percent. Increases include public and private colleges and universities. During this same period, family incomes of those most likely to have college-age children rose only 8 percent. Projections beyond 2007 vary widely. But, even conservative estimates suggest continued increased costs and the need for better college budgeting.
Such price increases have made it difficult for families from most income levels to pay for college. College savings accounts, part-time jobs, scholarships, loans, grants, and family support can contribute toward the cost. Many institutions are beginning to slow the rate of increases. Still, real attention is still warranted toward these facts. Beyond the undergraduate program, cost remains difficult for many to pay.
The College Contract establishes financial terms between you and your child. But equally important, it helps you talk through a range of important topics - beyond college budgeting.
