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BUSINESS Tuesday 29 January 2019
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More parents are putting limits on college help

By LIZ WESTON Monica L. Dwyer of West
Associated Press Chester, Ohio, whose three
Tyler Luker of Plano, Texas, children attend the Univer-
is a high school junior who sity of Cincinnati, was up-
already knows which col- front with them about how
lege he wants to attend much help they could ex-
(University of Missouri), how pect. Each child had about
much it costs ($43,300 for $25,000 in 529 college sav-
out-of-state residents) and ings plans, plus Dwyer and
how much he can expect her husband, Sean, pay for
his single mother to contrib- food, health insurance, cell
ute: nothing. service and car insurance if
"That's protecting my retire- the child lives at home.
ment," says certified finan- "I think that if you give chil-
cial planner Sharon Luker dren limits, and explain
, 64. "I don't want to work what they have available
when I'm 70." to them . they will likely
While most parents plan to make the right decisions,"
help with at least some col- she says. "Or maybe I have
lege expenses, more are been lucky."
coming around to Sharon The Dwyers refuse to co-sign
Luker's point of view that private loans or take out
they shouldn't sacrifice their parental loans. The kids got
own financial well-being to jobs and federal student
do so, a survey by student loans, which are limited to
lender Sallie Mae found. $5,500 the first year, to help
"As a parent, you want to cover tuition and books.
do what's best for your kids," Sean Dwyer recently took
says Sallie Mae spokesman This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal fi- a post as an academic
Rick Castellano. But "par- nance website NerdWallet.com. advisor at the university, so
ents do want their students Associated Press the $11,000 annual tuition
to have some skin in the is now waived for all three
game." vowed not to touch their ings before saving for their for college, don't require kids and "it is such a huge
The 2018 survey of 2,003 retirement funds for col- children's educations. thorough credit checks or relief for our family," Dwyer
parents with children under lege costs, up from 60 per- As college costs continue proof that you can repay, says.
18, conducted by pollster cent in 2016. An improved to spiral, parents tempted which means it's easy to CFP Martisha Patterson of
Ipsos, found: economy seems to have to spend excessively to borrow more than you can Nutley, New Jersey, also
— More parents say their convinced more parents educate their kids need to afford to pay back. put conditions on her col-
kids should help pay for that they'll be able to pay think twice. Here's why: EDUCATION DEBT CAN FOL- lege help. If her daughter
their own educations, with for college out of their in- STINTING RETIREMENT SAV- LOW YOU TO THE GRAVE. It's had attended an in-state
59 percent saying college come and savings, rather INGS IS COSTLY. You can't difficult to erase education public school, she could
costs should be a shared than tapping retirement, get back lost company loans in bankruptcy court, have lived on campus. Be-
responsibility compared Castellano says. matches, tax breaks and and the U.S. government cause she opted for City
to 51 percent in 2016. The — Still, more parents were all-important compounded can even take a portion of University of New York,
proportion saying the bur- saving for college (56 per- returns if you don't contrib- your Social Security checks, where she's now a sopho-
den should be entirely the cent) than their own retire- ute. normally off limits to credi- more, she commutes the
parents' dropped to 26 per- ments (54 percent). Ide- YOU CAN OVERDOSE ON tors, if you fail to repay fed- roughly 15 miles from home
cent from 30 percent. ally, people would be on DEBT. Federal PLUS loans, eral loans. to offset the higher cost for
— Sixty-nine percent track with retirement sav- which can help parents pay Certified financial planner out-of-state students.q