My Comments: At least once every week, I try to have a post that deals with the cost of a college education. My comments are usually directed to the parents of high school age children. Too often, there is never a conversation in the family that explores the financial consequences associated with a college education these days, both from the perspective of the parent or of the child.

Here in Gainesville, where the University of Florida is the 500 pound gorilla in the room, parents whose children are likely to graduate from high school with a 2.3 grade point average assume their kids are going to enroll at UF.

Planning for the cost of a college education is a critical step for a parent hoping to send their children out into the world with a good education. There are millions of dollars available from almost every college and university if you know how to ask for it. We can help. Click on the image above to watch a short video about College Money.

By Emily Yang June 17, 2012 6:01 am ET

Do you want your college-age children to get the most out of their education?

Make them pay for part or all of it themselves.

That’s what 72% of parents from affluent families (those with more than $250,000 in investible assets) said in a recent online survey conducted by Legg Mason Inc.

Their reasoning is that asking their kids to contribute to their own education will help them learn responsibility and financial skills.

“For most kids, this is their first exposure to finances of this scale, so it is a key opportunity for parents to talk about budgeting, financial planning and economic choices,” said John Kenney, head of Legg Mason Global Asset Allocation LLC.

The remaining 28% said they don’t think that their children should pay for any college expenses.
Some 41% reason that education is a parent’s responsibility, and a third want their kids focused on their studies. About a fifth of respondents want to keep their kids from worrying about debt, and 5% simply want their kid to enjoy the college experience.

Either way, Mr. Kenney said that it is important for parents to discuss financial issues with their college-bound children regardless of whether they will contribute to the bill.

In fact, a majority of the 1,000 parents surveyed by Mathew Greenwald & Associates Inc. in March said that they discussed financial topics with their children, such as budgeting, earning money, savings planning and learning how to invest.

Most parents also broached topics such as what types of schools they could afford, scholarship options, the impact of carrying a student loan, and expenses that come with college.

“These numbers are encouraging, as they indicate that parents are teaching their college-age children to budget wisely and to understand the importance of proper saving and investment behavior, including the negative impact of excessive debt,” Mr. Kenney said.