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College tuition: my son pays; I will return his money if he gets good grades

College tuition: my son pays; I will return his money if he gets good grades

  • When I was younger, I didn’t understand or appreciate how my parents paid for my college education.
  • I want my children to understand the true cost of college, so I created a unique plan.
  • My son pays tuition first with the money he saves, and I pay him back if he gets good grades.

My mother was the first on both sides of my family to go to college. She came back in her 40s, got her master’s degree from a college an hour away from our house, and raised three children. She had to go to secretarial school as a child, but education was important to her, so my mother worked hard and got her degree.

She then established family values: education is important. My sister and I had to go to college, and when we did, my parents paid for it. They did it remortgage your house twice. They didn’t want us to be saddled with debt after graduation and wanted to invest in us.

But the thing is that I never Really knew what it cost them. They would tell me how expensive it was and I would nod. But I never understood the true cost. They paid a fifth of their annual income to give me this gift, this opportunity. I didn’t really appreciate it. I just moved forward – the grades were easy – and did pretty well. average job.

I want things to be different for my four children. I want them to be more grateful for this opportunity than I am, but I also don’t want them to leave college at a huge loss. student loan debt hanging over their heads. So when I heard an idea from a family member about how her parents paid for her college, I jumped at it.

The tuition payment scheme is simple

My kids have to save money and then pay for classes every semester. My husband and I pay for them room and board. If they get an A or B in all courses, we refund them once they receive their report card.

They can then use that money for classes the following semester. If they don’t get at least a B, they don’t get their money back, so there’s no money for the next semester. If they get all A’s and A’s during their college career, they will have over $7,000. at graduation invest in a house or go on a big trip.

This will be an advantage for them, and then they will be able to understand how expensive their education really is. This is an investment that should be taken seriously. They must do their job to the best of their ability.

When I tell friends about this plan, they are intrigued and surprised—mostly because they hadn’t thought of it.

My eldest son still works

My son started his first semester in August. When he entered high school, I explained the plan to him and he supported it.

I was dumbfounded when we found out the exact amount of his tuition. We’ve been saving money since he was in first grade and we still don’t know how much it will cost over four years. My son I was also a little scared, but he had savings from working in a pet store, and we calculated how much he could save from each salary. He worked at an ice cream parlor all summer to save more than $7,000, just enough to pay for in-state tuition.

I can’t say yet if this plan is foolproof because he’s only in his first semester. But I can say that he seems to be working harder than before. high school. He even told me how proud he was of getting a B+ on his biology test.

He also seems to fully understand how much his school costs and is grateful for our help.

We invest in him, but he also invests – his money, his time and his hard work. He invests in his future. We are equal partners. Taking his first step towards independence is one of the best gifts we can give him and will set him up to do smart things. financial solutions throughout his life.