I think a moderate compromise here is possible and one I adhere to.
I have told my 10 year old that we will pay 2/3rds of his education. That will essentially be tuition, fees (which appear to go up every year so they don't raise tuition) and car insurance for a clunker/bomb. He will be responsible for the other 1/3rd, which is books, room and board, and spending money.
That shouldn't stress him too much and I figure will amount to a 10-15 hour/week part-time job during the school year and 40-60 hours/week during the summer, which is doable for an able bodied, male 19 year old.
Besides, unless he plans to go to professional school, I'd rather see him work part time and get a 3.0 or even a 2.7 than not work and get a 4.0. Nobody looks at your GPA (besides medical and law schools). . .but every employer considers your work ethic.
Essentially, a degree is a degree is a degree.
And fiscal responsibility is a skill that everyone needs to have - and it starts with an awareness of how much something costs.
We have about $18,000 in a 529 and Education IRA's for our 10 year old and 4 year old
Yes, we are behind. At least I feel so.
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