 TITLE: Should Parents Pay for College? CONTENT: What to Consider Before Paying for College\n------------------------------------------\nIf you're like many parents, you may have some money set aside for your child's education. According to Sallie Mae, parents have $18,135 socked away for their child's college on average. While this is a sizable sum, the average published public school tuition is $10,560 a year for in-state students and $27,020 for out-of-state students—and that doesn't include room and board.\nTo bridge the gap, you could consider tapping into other savings or borrowing money. Before doing so, here are some questions to ask yourself:\n**Am I saving enough for retirement?** If you're behind on saving for the golden years, prioritizing your child's education during your highest-earning years could mean you have to delay retirement. Paying for college can set your child up to succeed, but consider whether providing total financial support will jeopardize your own financial stability.\n**Do I have enough saved for emergencies?** Ideally, you want to have three to six months of expenses stashed away in savings in case you lose a job or face a financial emergency. Before dipping into savings to pay for college, think about the potential risk of not having a financial cushion to fall back on if the unexpected happens.\n**Can I afford an additional debt payment?** If you're considering borrowing money to pay for your child's education, know how those payments may affect your budget. Perhaps you want to travel more or work less as the kids leave the nest. Consider whether having an extra debt payment can fit into your plans.\n**Do I want my student to have some skin in the game?** Even if you can afford to pay your child's tuition bills, having the student invest some of their hard-earned cash into their education could motivate them to take school more seriously. Consider whether you want your children to have some financial stake in their education, even if it's just paying for books or miscellaneous expenses. END