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Do you think its right for parents to borrow money from thier college kids? I was just listening to two kids saying that thier parents had borrowed alot of thier school money from them it seems so sad.

 
peace013

Asked by peace013 at 2:40 PM on Oct. 22, 2010 in Parenting Debate

Level 22 (13,054 Credits)
This question is closed.
Answers (16)
  • I personally would never do it, especially with the way in which you explained. That it was their school money. I understand that times are tough for a lot of people, but there are other ways then taking from your child's education.
    JazzlikeMraz

    Answer by JazzlikeMraz at 2:47 PM on Oct. 22, 2010

  • How did the kids get the money in the first place? If it was from the grandparents or something then that's wrong. If the parents had put it aside and then fell on hard times, it's different.
    lovinangels

    Answer by lovinangels at 2:42 PM on Oct. 22, 2010

  • I think a roof over your child's head is more important than a college fund.
    NotPanicking

    Answer by NotPanicking at 2:54 PM on Oct. 22, 2010

  • My parents told us from the get-go that we were paying for our own education and they made sure that any gift money we ever got went into savings, and when we started babysitting and working, half of everything we made went into savings too. They were amazing about not wasting their own money either, and saving for retirement because kids can always borrow for college, but you can't borrow for retirement. My brother, sister and I all worked our way through school and value our education so much more because of it. We also never have to worry about taking care of our parents when they are older because they have enough money saved up. Even though they've both had their working hours greatly reduced because of the recession, they still have plenty of money saved up. I'm doing the same thing with my kids--I want them to be able to provide for themselves and not have to worry about providing for us.
    bethany169

    Answer by bethany169 at 3:03 PM on Oct. 22, 2010

  • it seems sad yes, but i was thinking what if my parents needed money? I would help them out in a heartbeat. Maybe the parents are injured and cant work. times are hard right now. My husband parents are having a hard time and sometimes need help with money because his FIL needs to be cared for so my MIL cant work, and she isnt so healthy herself. they only live off his SS checks. so yeah it seems sad but you dont know there story.
    DilsMommy

    Answer by DilsMommy at 2:44 PM on Oct. 22, 2010

  • Right or wrong.. I have no opinion in that regard. There are too many variables: why was the money being borrowed, how much, how often, etc..etc.

    I can say this.. Me personally.. It is not something I would ever do. I have saved for 18 years for my son's college education, that is what is was meant for, that is what it will and is being used for.

    I would go back to work, for extra money, before I would ever borrow from my "son's" college fund.
    pixie_trix

    Answer by pixie_trix at 2:46 PM on Oct. 22, 2010

  • It is sad. I think the problem w/ this economy is that young people are getting screwed. The unemployment rate for 18-25 year olds is something like 25%. They should be using that $$ for getting through school, but since a lot of their parents are probably out of work, they are not only getting screwed out of jobs that would normally go to young ppl, but also out of their own student loan money! I feel sorry for kids that age. It's tough out there.
    danielp

    Answer by danielp at 2:43 PM on Oct. 22, 2010

  • I guess, it's better than losing their house, but if they used it to go on a fabulous trip or something along those lines then i disagree. You never know somebody elses situation so one should never judge.
    theutilitarian

    Answer by theutilitarian at 2:46 PM on Oct. 22, 2010

  • My parents skipped the college fund and just kept the money for themselves they never even thought about us.
    pinkdragon36

    Answer by pinkdragon36 at 2:49 PM on Oct. 22, 2010

  • no, I dont think it's right.
    Owl_Feather

    Answer by Owl_Feather at 2:52 PM on Oct. 22, 2010