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Are Parents Legally Obligated To Pay For College

December 2, 2019 | Leave a Comment

Are Parents Legally Obligated To Pay For College

In August 2013, a New Jersey girl sued her parents for the cost of her college tuition. Caitlyn Ricci won that case in 2014, and the decision was upheld in court later that year. The details of the lawsuit is worthy of soap opera. Amongst which is that Ms. Ricci is estranged from her parents for failure to follow the rules laid out by her parents. While we leave the legal merits of the case up to the judges, it begs the question, are parents are legally obligated to pay for college.

This topic is particularly personal for me. We save money for our children’s college. However, I don’t necessarily plan on spending that money on college. My parents didn’t pay for my college. The education I gained from that alone was worth as much as the cost of my degree.

There is No Hard and Fast Answer

While there is no black and white answer, there are some signs that point to yes, parents are expected to contribute financially to their children’s higher education. This may not always come in the form of payment for a child’s tuition; it can be through other means of financial support, such as providing housing or transportation.

The State You Live In Matters

The case referenced above was filed in the state of New Jersey, which is a progressive state in terms of state laws that have been established which define parental requirements in terms of financial contribution towards a college education.

Each state sets its own laws, and some states such as California are on the other end of the spectrum and limit parental obligations. Overall, there is no specific requirement for parents to pay for their children’s college education in most states. However, if a parent is divorced, this may be a game-changer.

It Will Depend On The Parents Marital Status

The obligation is more strict when the parents are divorced.

When a marriage ends in divorce, and parents and children get involved, the parent with custodial rights generally receives some sort of financial contribution from the other parent. This is agreed upon as part of the divorce settlement, and higher education costs are typically included in the agreement.

Again, each state will differ – here is a breakdown of requirements by state.

The Child Must Participate In The Cost

There is an expectation that the child should make a reasonable attempt to contribute to their college education. In the case referenced above, Ms. Ricci’s parents appealed on the grounds that she did not apply for all applicable scholarships and loans. The claim was ultimately rejected in favor of the parents due to the fact Ms. Ricci was emancipated from her parents. Thus she showed intent to be independent of her parents. The court applied that independence to financial support, as well.

 

Do you think parents should be legally obligated to pay for college? Are you planning to pay for yours? Share your opinion in the comments below.

Read more:

Best Ways To Save On College Needs

7 Key Ways to Save for Your Kids’ College Education

5 Ways to Prepare Kids for College

Kate Fox

Kate Fox is a former CPA, with twenty years of experience in public accounting and corporate finance. Born and raised in Alaska, Kate is currently based out of southeastern North Carolina.  She loves coaching others on personal finance and spends her free time traveling with her family or relaxing by the pool with a good book, probably about money.

Filed Under: Education, Growing Up, Money and Finances, Parenting Tagged With: college education, College Fund, parental obligations

Fund Your Kids with Forex

September 21, 2012 | Leave a Comment

Forex

A little extra income is always a good thing, so when you find a new way of making money, it can be very exciting. Forex for instance, can be a great way of earning money. The financial markets may seem like they are out of reach for the average person, but in fact, nearly anyone can invest. In fact, all you really need is to start a forex funded account with FTUK.

Here is some more information about forex, including how it works and who should use it.

How Forex Works

Trading on the forex market is all about speculating whether you think a currency will increase or decrease in value against another one, for instance GBP/USD. The ability to speculate on prices falling as well as rising is one of the reasons forex is so popular. Factors that influence your decision can include news reports on a country’s economic activity, fundamental analysis and complex technical analysis. If a currency looks like it’s going to strengthen, then it would be reasonable to invest money in it doing so.

There are a number of products associated with forex, and two of the most popular; spread bets and contracts for difference (CFDs) do not actually involve buying or selling currency. They are both relatively similar in that profits and losses are made by the amount to which a prediction is correct. A CFD is an agreement between buyer and seller to exchange the difference in price between the current value of a currency and its value at the end of the contract. A spread bet is simply when money is wagered on the fluctuation of a currency; with more being won the further the price moves in a favourable direction. Of course you can always follow the traditional route of actually buying currency and profiting from its increased value, or vice versa if you sell.

Forex is For Anyone

Now you’re probably thinking that this is all very well, but the financial markets are only for those with large investments to hand. This is no longer true, and you can in fact trade with hardly any money at all. This is done through leverage, whereby you only have to deposit a small amount of money in order to place orders of a much higher value. For instance, you may only need to deposit 100 units of a currency to buy or sell 10,000 units of it. This is great if you don’t have a large amount of capital to work with, but be aware that there are risks involved in forex, and you can potentially lose more than your initial deposit.

All you need to get started is some knowledge of how the system works, which is easily done by reading guides on forex trading for beginners. The ony other thing you’ll need to start is an online account with a good broker. It really is very easy to get involved. If you’re looking for some extra money and have thought about investment, then forex trading could be for you.

For More Great Kids Ain’t Cheap Articles, Read These:

Yes, Stay At Home Moms Can Get Loans

Yes, You Can Open Kids Magnetic Locks Without A Key

These Are The Best Travel Cribs For Twins

If you need Pac-Man Coloring Pages, Here Are Some Good Ideas

Brian
Brian

Brian is the founder of Kids Ain’t Cheap and is now sharing his journey through parenthood.

 
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Filed Under: Money and Finances Tagged With: College Fund, Forex, Future, Kids, Trading

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Basic Principles Of Good Parenting

Here some basic principles for good parenting:

  1. What You Do Matters: Your kids are watching you. So, be purposeful about what you want to accomplish.
  2. You Can’t be Too Loving: Don’t replace love with material possessions, lowered expectations or leniency.
  3. Be Involved Your Kids Life: Arrange your priorities to focus on what your kid’s needs. Be there mentally and physically.
  4. Adapt Your Parenting: Children grow quickly, so keep pace with your child’s development.
  5. Establish and Set Rules: The rules you set for children will establish the rules they set for themselves later.  Avoid harsh discipline and be consistent.
  6. Explain Your Decisions: What is obvious to you may not be evident to your child. They don’t have the experience you do.
  7. Be Respectful To Your Child: How you treat your child is how they will treat others.  Be polite, respectful and make an effort to pay attention.
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