The idea that parents should pay for their children's college education is widely seen as conventional wisdom -- after all, isn't that what those 529 plans are for? And Upromise, the program where buying groceries helps you put money away for your children's future?I was a believer too until I read Ben Stein and Phil DeMuth's book Yes You Can Get a Financial Life! There, the authors argue that a college education is a capital asset and that it makes the most sense for the beneficiary of that asset to foot the bill. Stein and DeMuth believe that kids who pay for college may value it more, and that student loans and work-study programs are available to make it possible for kids to go to college without parental support.
And as they wrote, "If Mom and Dad really believe they are doing something noble by depriving themselves so their kids can stay out all night drinking in Nassau during spring vacation, that has little do with rational thought."
But do Americans really want to do that?
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