Is this a good idea? A college funding/familial relations question

Here’s the deal: my dad lost his job. I posted about it before. This really wasn’t through any fault of his own–I mean, he didn’t have attendance problems or slack off or anything. He just happened to be a too-highly paid middle-management type at Motorola. Thousands like him have experienced the same thing. He’s having trouble finding a job, but that’s because the economy sucks, and he’s fifty-five. He has a good resume, and he’s been applying places. He’s been doing what he can to get re-employed.

However, with the economy being as crappy as it is, it’s entirely possible that my dad won’t find a job for a good, long while. Not his fault–it happens that way, sometimes. Thing is, my dad–and, to a lesser extent, the rest of us–have not been good about money. This has mostly been my dad’s fault. He went hog-wild at Christmas. He’s buying himself new clothes from expensive department stores (including expensive underwear) and going tanning every week. He gets all his clothing dry-cleaned every week. He traded in his not-yet-paid-off 2000 Ford Explorer Eddie Bauer edition for a 2003 Jeep Grand Cherokee Limited, and the payments are more. My parents have house payments. Car payments. Boat payments. Credit card payments. None of these things are going away, because my dad refuses to let them. Even “fun, frivolous” things, like the boat.

When I was home for spring break, I accidentally saw my parents’ bank book (it looks the same as mine, and I often mix them up. It’s not until I look at the balance that I realize it, usually). Looking at what there is in savings, it doesn’t look like there’s going to be enough to pay for college. This, incidentally, is something that makes me bitter. I recognize that my parents do not owe me a college education, and that this isn’t their fault. Thing is, I’m paying for more than half of my education by myself, via academic scholarships that I worked my butt off in high school to get. This was a compromise school–I went here so that I wouldn’t get into debt, and I’m graduating a year and a half early to try and help out. And it still doesn’t look like it’s going to be enough.

Additionally, my dad is becoming more and more emotionally weird. He wanted to go to U of I two weekends ago to see the high school cheerleading state championship. He asked my sister if she wanted to go. Because it would involve a two-night hotel stay during the school year, a week before spring break (which is when a lot of stuff is due, as it’s the end of the high school quarter), she said that she didn’t want to go, but that if he wanted to spend time with her, they could go out to dinner on a regular basis or something.

He spent the next few days referring to her as “bitch” or “the bitch” (depending on whether he was directly addressing her), and then, basically, made her admit how and why she was such a selfish person for not wanting to go. It made me sick. If I had been a male, I would’ve clocked him for speaking to my little sister that way. I’m not, though, so I didn’t. I’m a wuss.

Because of this, and other emotionally abusive, manipulative, and downmight screwy things, my therapist thinks that being home over the summer is not the greatest idea ever. I told him that I’m just staying for the money (it’s more complicated–I don’t want to leave my mom and my sister. But I’m to the point where I’ll do it, because he’s damaging my emotional health, and thereby messing with my future).

This is when I came up with my idea. I’m going to call my mom tomorrow morning (while she’s at work, so my dad can’t listen in), and give her a (sort-of) ultimatum.

I’m going to ask her if they can afford to pay for the remaining semester and a half of college. If she says they can, I will ask (nicely) that the money be transferred to my account (this will give me assurance that, whatever happens, that money will still be secure). If she says that they can’t, or if she won’t transfer the money, I will ask her to cosign a student loan with me, on the condition that if they get the money to pay it off without horrible financial repercussions, they do so (otherwise, I will). If she and my dad won’t do that–which is entirely possible–then I will get a loan on my own, and I will leave home. I have my fiance to go to after I graduate. It won’t be easy, but I should be fine. Or marginally fine. No matter what happens, I’ll be able to finance my education.

I don’t plan on telling her the final part until it looks like that’s what’ll happen. And I will keep in contact with my mom and sister no matter what. And when my dad stops hurting my mom and sister, I’ll start talking to him too.

My question is this: am I being to harsh, or too self-centered? I don’t want to hurt my family, financially or otherwise, but things are getting so bad at home that it looks like I might have to do so. I was an utter basketcase after being at home for two weeks, and I’m afraid that if I stay at home without getting any benefits, I’m going to do something rash, like clock my father or just start yelling.

Is this a bad idea?

Yes, very bad. I’d get a job and an apartment. Set your emotional boundaries, but ultimatums are generally a very bad idea.

Why give an ultimatum? Ultimatums seldom work, and they usually end up causing bad feelings on both sides. It’s much better to discuss the issue and come to a decision that both sides can live with.

It’s entirely possible that your parents are paying for your schooling with assets that are NOT in their bank book. If your Dad had a good job, chances are he has 401Ks (that can be borrowed against), a good chunk of the house paid for (so he can get a home equity loan), and probably some stocks (most high tech companies have pretty good stock incentive plans.) Chances are that your parents have money they can tap into that you never dreamed they had.

If I were you, I’d simply and sincerely have a conversation with your mother and explain your fear that you’ll be stuck without a way to pay tuition to her. Don’t go into the conversation with any preconcevied ideas or concepts - just listen to what your mother says. Then think about it, and decide the next step. It’s not like you have to figure out the next two years of your life in one telephone conversation.

If you don’t want to go home this summer and can financially handle it, then don’t go. It’s not as if you’re the first college student to decide to spend the summer at school.

Contact the financial aid department at the school you go to sit down and try to negotiate with them. Odds are you might be able to get a hold of some more grant money. Also, you might look for fellowships or grants you can apply for.

just to stick my oar in and really muddy things –

i agree about the ultimatum being a bad idea. you are putting everyone, including yourself, in a “put up or shut up” position. if your parents won’t agree (or worse, agree and then can’t/won’t carry through), the hurt feelings are going to be tremendous. i can’t see all that much to be gained by turning it into a showdown.

the calm discussion is a much more reasonable approach. you stand a chance to gain much more information from which to make a reasoned plan or decision regarding your future path. and, as a secondary issue, it might be a good time for your mother to vent. from the sound of things at home, she may be in a HUGE need for an “adult” to talk to regarding finances. it sounds like your dad is so far into denial, he should change his name to Ramses (sorry, little Egyptian humor there). but seriously, if anyone sounded like they are in dire need of credit counseling and financial restructuring and retrenchment, your folks would hit #1 on my list.

so, were it me, i would make as many plans to take care of my own requirements as possible. it sounds an awful lot like there’s a big-time crash-and-burn on your family’s horizon. if you can be on solid footing yourself, you can at least be a source of (emotional) support to your mom and sis. i get the uneasy feeling that they may be needing it in the future.

lachesis

Bad idea. From the way you described your father, I would not be suprised if he says “well you cannot have it all at one time, screw you for not trusting me, you don’t get anything”.

I hate to say this, but you may do better to write them off completely as a financial source. Do not “expect” any help at all. If you do get some money out of them, it would be an extra bonus.

I don’t think “ultimatum” was the proper word for me to use. I mean, it was an ultimatum in my head, but that certainly wasn’t how I planned to phrase it. I mean, I wasn’t going to throw a temper tantrum or anything; I was just going to request/ask/listen. Not necessarily in that order.

And, Lyllyan, the situation is a bit different. I forgot to mention something: my dad thinks that my sister and I each have money in our accounts: namely, that my sister has 30,000 dollars in her account, and that I, before I started schoo, had 40,000 in mine (the difference is due to interest rates, allegedly). Thing is. . .there isn’t. My mom and dad never set up the accounts, and, what’s more, that money never existed in the first place. It went to pay off bills, and to pay for the boat. The money in my account–which, at it’s highest, was about three-thousand–was from the work I did in high school and the small scholarships that I got from my elementary school and the NFAA. That went towards school already, about half of it.

I followed Athena’s advice and, instead of confronting my mom, I just expressed my concerns about money, and my fear that it’ll suddenly go away. My mom informed me that there are two-thousand dollars in savings bonds that are in my name (they’ve been there since I was an infant, and we both forgot about them until today). She also said that, if it would make me feel better, she’d put the rest of the money needed to pay off my school in the account that she and I share (left over from when I was too young to get one by myself–it’s the one I mentioned earlier with my high school work money in it). That way, it would be pretty much earmarked for me (which I’d greatly, greatly appreciate, as it would quit my freaking out), but she would still have access if something really, really crappy happened (such as, say, house payments being due). This was more than I expected, really, and I’m grateful for it.

I don’t think “ultimatum” was the proper word for me to use. I mean, it was an ultimatum in my head, but that certainly wasn’t how I planned to phrase it. I mean, I wasn’t going to throw a temper tantrum or anything; I was just going to request/ask/listen. Not necessarily in that order.

And, Lyllyan, the situation is a bit different. I forgot to mention something: my dad thinks that my sister and I each have money in our accounts: namely, that my sister has 30,000 dollars in her account, and that I, before I started school, had 40,000 in mine (the difference is due to interest rates, allegedly). Thing is. . .there isn’t. My mom and dad never set up the accounts, and, what’s more, that money never existed in the first place. It went to pay off bills, and to pay for the boat. My mom never told him, because she’s scared of him. The money in my account–which, at it’s highest, was about three-thousand–was from the work I did in high school and the small scholarships that I got from my elementary school and the NFAA. That went towards school already, about half of it.

I followed Athena’s advice and, instead of confronting my mom, I just expressed my concerns about money, and my fear that it’ll suddenly go away. My mom informed me that there are two-thousand dollars in savings bonds that are in my name (they’ve been there since I was an infant, and we both forgot about them until today). She also said that, if it would make me feel better, she’d put the rest of the money needed to pay off my school in the account that she and I share (left over from when I was too young to get one by myself–it’s the one I mentioned earlier with my high school work money in it). That way, it would be pretty much earmarked for me (which I’d greatly, greatly appreciate, as it would quit my freaking out), but she would still have access if something really, really crappy happened (such as, say, house payments being due). This was more than I expected, really, and I’m grateful for it.

What a bizarre and unfortunate position you are in. It was my understanding that parents should be the responsible ones and teach the children how to behave, like, well, grown-ups. Your father does indeed need to get punched in the nose, once right now for calling his daughter a bitch to her face, and once a day from here on out for being a hugely selfish irresponsible asshole.

Get money on your own, as quickly as possible. I can’t imagine how your parents got you this far. I find it most odd that your father thinks you have moeny that isn’t really there. he should be on some good anti-delusional medication.

Good luck, you’re gonna need it.

Why does your Dad think that there is money in your accounts?

I am glad you talked to your Mom. I do hope that allayed some of your fears.

First of all, use this to calculate just what you have in your savings bonds. I only say this because I was surprised when some of my bonds weren’t worth as much as I thought when I cashed a few in.

Good for you for getting it all done without confrontation. Stay close to your mom and siblings–sounds like you’re all going through hard times.

I agree with posters who advise you to simply take responsibility for your own financial concerns and let your parents’ chips fall where they may. As someone who financed about 75% of my own college expenses, I assure you, it’s not as overwhelming as it seems. Take it one semester at a time and don’t worry too far ahead and you’ll be fine.

Given that, the minute your mom feeds that mutual account: I’d withdraw it, and start up a short term CD. That way, there’s no chance your parents will have to nickel and dime your balance to zero to pay their bills, you’ll get a better interest rate in a CD than a savings account, and if you time it just right, the CDs will mature just in time to pay the tuition bills. Or set up a money market account in your own name – slightly less interest accrues, but the balance is always liquid so if you need to drain it down to zero – no penalties for cashing in early.