The average tuition fee of a public university in the UK is around £9,000 per year. For a private university, the tuition fee goes up to £18,000 which is difficult for parents, especially with more than one child, to afford their education. Thus, children at early age should be advised to manage their own college expense. It will not only reduce financial burden on the family, but also would teach valuable life lessons and a sense of responsibility at an early age. Today, we will discuss five important reasons why parents should encourage their children to pay their own tuition fees.
Make your Child a Responsible Individual
Getting free money often spoils the child as they end up spending too much on parties, booze or other irrelevant stuff. If your child makes their own money, they would turn out to be more responsible by spending on important stuff such as house rent, food and basic necessities.
Working Hard to get A Scholarship
When the child is paying their own tuition fee, they would definitely study harder in order to earn a scholarship and save the money to spend it on something better. For example, if the student’s income is all spent on the tuition fee, with the scholarship they could save a great deal of money and spend it on entertaining summer activities. Laura Hamilton from the University of California, compared the grades of students whose tuition fee was being paid by their parents with those who paid their own tuition fee and the result showed that the former had a poor academic performance.
Teaches Work Ethics
Going to college in the morning and spending the night at work will definitely give your child a sense of work ethics and will prepare them for future endeavors. Having a tough routine will make them ready for any kind of job in the future even with hectic working hours.
Understanding the Value of a Dollar
When the child is financially dependent on their parents, they don’t understand the value of money and how it is earned. But when they start earning themselves, that is when they would truly learn how to manage expenses and decide between where to and where not to spend the money.
Balancing between Work and Play
With college in the morning and work at night, the child will learn to manage their daily routine more wisely. Other than being punctual at work and class timings, the child will also fix their sleeping schedule, studying hours and play hours for recreational activities. In other words, it will help them manage their time effectively.
How and When Should Parents Stop Helping Child Financially?
It is important for parents that they first help the child settle in and get a job and then stop helping them financially. If the child is having a problem finding a job, the parents can always help them give a loan. This way the child would work harder towards finding a job quickly and pay off their debt.