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My parents paid in full, no repayment expected, but there’s an expectation that I will support them in their retirement :/
Pro
I’m fortunate enough that mine paid for undergrad with no strings attached. For grad school (non-MBA), they gave me an interest-free loan to avoid me having to take out those ridiculous 7%+ student loans, which I repaid fairly aggressively afterwards. They’re not big on counting favors within family so I don’t think they’d actually care if I didn’t pay them back but this way we feel more like peers instead of dependent and sponsor.
They don’t make it easy to repay them outside of that grad school arrangement. Every time I get a raise or bonus I get to pay for a meal without having to fight for it, but otherwise any reason I give to pay the check gets trumped by “you’ll always be our kid” or until recently “we still make more than you” (more a function of me being underpaid for the longest time than them making a lot).
Their stated goal is to not be a burden on me and my siblings when they retire, but we’re all ready to support them if they need it.
Pro
Actually now that I think about it, I did take out student loans for undergrad as well, but they paid for the portion that would have required high-interest loans.
Parents paid for undergrad and half of grad school. No expectation of repayment besides a symbolic one (first paycheck) and to be a good son.
We are also fairly well off as a family, though, so I’m sure it varies. I fully expect to be there for them through retirement in whatever role they need
Asian families tend to value education more, so they tend to be much more willing to foot their children’s college education if they can afford it. There is also less of the notion that kids get completely cut off once they reach 18. The flip side of this is that kids are also expected to support their parents when they reach retirement age.
In a way this is balancing the income between generations (you support me when I earn more, and I support you when I earn more) which makes sense to me.
Good way to look at it.
I paid for everything with scholarships and loans. My parents could not afford anything. I’m definitely jealous of those who get to enjoy the college experience without the financial pressure but I regret nothing.
I think I’ll pay for my kids to go to college if I can afford it. That way they get to experience college differently.
If they offer to do it without compromising their own retirement great. If not, you should foot your own bills with loans and jobs. My parents did not pay.
Mine paid for it all and don’t expect me to pay them back, especially since they make more than me. Although since I worked full time after undergrad, I just pick up tabs for dinners when we go out or activities/meals during our travels.
Parents were ready to pay for my undergrad with no strings attached and even offered some allowance (so I could focus on studying 😅). But I felt like it was right for me to pay for my discretionary spending since they were already paying so much, so I ended up taking on a campus job that paid for my dorm and any discretionary spending.
They don’t expect repayment but as I’ve started making money, I’ve started trying to make up for it in experiences that they otherwise wouldn’t have - family trips to places they probably wouldn’t have gone otherwise, restaurants outside their typical comfort zone, etc. We grew up in an upper middle class household, but they definitely were focused on us kids vs their own stuff - so it feels like the least I could do to help them live a little more! They’re all set for retirement so there’s no expectation that I help out there.
I’d do the same for my kids, but also make sure that they’re equipped to take on PT jobs / make financial decisions / know how to save and budget for retirement, etc., like my parents taught me. Think that’s a good balance between learning life skills by being increasingly financially independent but also having the freedom of opportunity and choice that comes with not having debt.
Rising Star
Academic scholarship so I only had to pay for housing, food, and books. Took out loans and worked. Parents picked up the tab for meals or groceries when they came to visit.
My parents paid for my undergrad in full with the caveat of that I had to go to a top 10 program or my state school. No expectation for me to pay them back. My parents makes 10x more than I do 😂
Parents paid for my room and board. I took out loans for tuition but I paid what I could and then my parents paid for the remainder within six months after graduating since I took out subsidized loans and interest starts at the six month mark. There’s no expected repayment but I do pay for family dinners, vacations, or any big expenses they want. Also will need to take care of them in retirement financially, emotionally, and physically, if they don’t have the means.
Academic scholarships covered most of my undergraduate tuition, but loans were taken out for the rest. Parents matched every payment I made on my loans 1:1 and took over undergrad loan payments when I went back school for my MBA; grad school loans are all on me. While my family had the means to pay my loans, they wanted to instill a genuine fear of loans in me through dutiful repayment. It worked, and I think it was a fair move given how expensive US schools are.
My parents paid for my undergrad in full with no expectation of repayment. They said "you probably need this money now way more than you will when we're dead." Sort of dark, but I get where they're coming from. It was a huge help to be able to finish college without any debt. I plan do the same thing for my kids as long as they are serious about their studies.
My parents paid for some undergrad. Then 2 years in said you’re on your own with no notice. They wanted to teach me a lesson bc I was dating someone they didn’t approve of. So I went crying to financial aid to give me an extension and to talk to them about repayment plan. I worked 2 jobs the rest of my time in college. I hated my parents ever since. I paid for grad school 100%.
My sister on the other hand, was told if she went to a very specific pharmacy school, parents would pay for everything. This turned out to be untrue bc the parents couldn’t afford it. I ended up paying some of that tuition. My sister and I were angry out of principle for this. Don’t commit to something you can’t do. My sister hates pharmacy and now she’s $$$ in debt.