You’re on your own, kid

If you don’t want to pay even though you’re able to, and your child has to borrow to go to school (which many do), here’s what you’re telling the kid whom you decided to raise: “Start your life off with debt, and it will make you a better person.”

No, it doesn’t. Debt burdens your children.

I’ve talked to many students who didn’t receive help from their parents and had to work and/or take out loans, and some still goofed off in college. I’ve also talked to many students whose parents paid their way, and they did exceedingly well in college.

I received a scholarship to college that covered tuition, room, board and books for four years. To this day, decades after finishing school, I appreciate the value of my education. I was grateful then and grateful now because my grandmother taught me how to be appreciative of the gifts I receive.

This week’s Color of Money question: Should parents pay for college if they have the money? Send your responses to colorofmoney@washpost.com. Be sure to include your full name, city and state. Put “You’re On Your Own, Kid” in the subject line.

Decades of Debt

Still think that parents shouldn’t contribute a dime to their children’s college education? Then read the series now running in The New York Times.

You’ll meet 23-year-old Kelsey Griffith, who is graduating from Ohio Northern University with $120,000 in student loans; Christina Hagan, also 23, who is graduating from Malone University with $63,000 in student debt; and Evan Frank, 22, who went to Ashland University and now has $80,000 in debt.

“With more than $1 trillion in student loans outstanding in this country, crippling debt is no longer confined to dropouts from for-profit colleges or graduate students who owe on many years of education, some of the overextended debtors in years past,” writes Andrew Martin and Andrew W. Lehren. “As prices soar, a college degree statistically remains a good lifetime investment, but it often comes with an unprecedented financial burden.”

Summertime Savings

If you haven’t planned your vacation yet, Lewis Humphries, contributor for Investopedia.com, offers some good travel tips to cut costs.

One way to save is to swap homes with another traveler or family. With home-swapping, vacationers let others stay in their home -- and sometimes use their vehicles -- in exchange for staying at someone else’s home for their own vacation. “Not only does this afford you the opportunity to experience an affordable vacation, but it also gives you access to good quality facilities that can reduce the additional costs of catering and transportation,” Humphries writes.

There are Web sites that offer a home-swapping service. Shelley Miller, a home exchange expert, wrote about her experience over the years vacationing in others’ homes and allowing others’ to use her home. Miller provides some great information to get you started if you’re interested. I think I’ll look into it myself.

The Proper Way to Pinch Pennies

For last week’s Color of Money question I asked: “What miserly acts or characteristics irk you the most?”