There is no law that I know of that says parents have to pay for their kids’ college. As far as I know it is optional. We have told our kids for years that they need to pay for college if they want to go to college.
Have you ever co-signed on a loan for someone before? If so, how did it work out? I have had many friends that co-signed loans from student loans to personal loans for their kids, relatives or friends and some of those loans they ended up having to pay them off. I co-signed on a couple of loans and they both worked out but at times I lost sleep worrying about getting stuck paying for them. I tell myself I won’t put our family in that position again.
We feel it’s so important for Logan and Seth to start their lives after college with no Student Loans and No Car loans. No Debt at all. We are helping them out by giving them each a used car and they can live at home rent free until they are done with school. But they will need to pay for their college tuition, books and misc. charges. Having NO Student Loans is one of our Mills Way to Financial Freedom rules that we stress to the boys. We want them to grow into successful Adults and give us grandkids to play with someday. Way down the road. LOL