|It can be extremely difficult at times to decide which money to use for paying your kid’s college bills. Some parents use their retirement balances which get favorable tax treatment, while others use their special college account funds.
My son had a few thousand dollars saved up and it was gone within 9 months. Once out of the house he didn't have much fiscal sense. Also, as a freshman in college he didn’t care which money he used, his or mine. Also the parties and freedom were pretty good too, so he then ended up in summer school in order to become a sophomore due to his F’s in the first semester.
So I got a message about three weeks to go in the summer session and he needed $3,000 just for his stay at summer school. Should I have to pay for it? Should I have him come home and work for the year to pay it off? It was his own choices that placed him in this mess to begin with. Which money should be used to get him back in good graces, mine or his?
To make matters worse, I’ve been out of work for three years during this never ending Great Recession. My state also just raised the income tax so that has created even fewer jobs and employers. Which money were they trying to improve, mine or the theirs? The state is broke and I’m on my way too.
Which money should be used for this summer school extra fee because my son was extremely irresponsible? He finally got a part time job. He has repeatedly told me that he is searching for another job. He keeps telling me he’ll handle it, so why is there a need for the cash?
Now here’s a young man that is over $40,000 in debt for schooling over the last 11 months. He now needs more unexpected cash and which money should pay it? I have only a couple months left of cushion before I stop paying my bills, so I think he’ll just have to figure out a way to pay it himself. Jobs are hard to find for everyone, but easier for entry level and there are other offers that he could take advantage of if he asks enough people.
Which money do you think should pay for this problem? I have headhunters trying to place me, I have thousands (truly thousands) of applications out through Career Builder and Monster, I have feelers out all over the place and only get one interview in four months.
Let me know what you think, which money should pay for my son’s problems. Please be creative because we are really at the end of our rope right now.
Steve Purselle is an independent freelance writer specializing in money, but like everyone else has hit hard times during the Great Recession. The government doesn’t seem to have a plan for people like him. Steve's College Toolbar is helping a little but it is not enough. Comment to this article with your ideas.