Despite having an annual income of $500,000, the parents have made the decision to decline to cover their daughter's college tuition fees.
This situation has sparked a debate on social media regarding the parents' decision.
The parents, whose business is projected to earn over a million dollars this year, have chosen not to financially support their eldest daughter's education at the University of Iowa.
Their reason behind this decision is to instill a sense of independence in their child and help her understand the true value of money.
The parents shared that they want children to be responsible for their own education.
They think it's important for them to make huge decisions and find ways to pay for college, like getting scholarships.
They also want their children to learn how to manage money. The parents don't want to control which university or subjects their children choose.
Some people might think the parents' decision is tough, but it's mainly because of money.
Paying around $200,000 for each child's four-year degree could put their financial stability at risk. The parents want to live within their budget and avoid taking chances that could strain their finances.
"Committing about $800,000 — an average of $200,000 per child for a four-year university degree — could jeopardize our future financial security. We prioritize living within our means, and paying for college for four children would stretch our finances beyond what we're willing to risk," the mother said.
Rising college fees are a big problem for many families. In addition, student debt is a major issue, especially in some states where it's a significant burden.
Solving the student loan crisis requires multiple approaches, like more funding for public schools, teaching students about finances, and finding new ways to make higher education cheaper and more available.
Totally disagree. Giving your child an education gives them the skills to be self sufficient functioning adults. If we bring kids into this world, it is our job to do that. If we can afford it, we can give them this greatest gift, one user disagreed.
It’s important to note that some scholarships and aid are based on your parents income. In canada you can’t get a student loan period of your parents make too much money. It’s expected that if they can then they should pay for your education, the third user shared.
To each their own, Just remember that when they are older and kids choose not to come around because they are independent and don’t want to jeopardize their finances by visiting too often, another wrote.
They want their daughter to take on that massive debt. lol! At least they aren’t buying her degree under the table, someone commented.
