As parents, we all want to give our children the best opportunities in life. For many, that includes paying for their college education to set them up for future success. But simply footing the entire bill can inadvertently remove the incentive for students to take full ownership of their educational journey.

What if there was a way to financially support your child through college while also ensuring they stay motivated, responsible, and accountable? Enter the family scholarship agreement.

The core idea is simple - instead of just paying for everything upfront, create a formal scholarship with clear terms, conditions, and expectations laid out. It's like your child has to "apply" and "earn" the financial support, just like they would for an outside scholarship.

But unlike traditional scholarships, you as parents get to customize the terms. You decide how much gets covered - tuition, rent, meals, books, etc. You set the academic standards and personal growth expectations. You build in accountability check-ins and communication requirements.

The key benefit is that it gives your child true skin in the game. They know their free ride isn't guaranteed if they slack off or make poor choices. It incentivizes them to work hard, build their resume, explore career paths, and develop crucial life skills like budgeting and time management.

At the same time, they get a potentially incredible opportunity - a full or partial ride through college without burdensome debt, plus built-in mentorship from two people intimately invested in their success...their parents.

The agreement template covers everything - tuition, housing, health insurance, spending money stipends, employment considerations, academic expectations, communication requirements, and more. But it's meant to be customized to your specific situations and priorities.

For example, you may cover tuition but have them pay rent to teach financial responsibility. Or perhaps meals are included but they need to pay for extras like entertainment. The possibilities are endless to craft the perfect blend of support and accountability.

Skeptics may argue this could strain the family relationship or deprive students of a "normal" college experience. But supporters would counter that bringing defined structure and stakes to such a significant investment is not only prudent...it's actually a gift. One that breeds resilience, ownership, and unleashes each child's potential.

After all, we all want our kids to thrive, not just survive their college years. With a family scholarship agreement, you can provide that ideal mix of opportunity and tough love to propel them towards future success. Because like anything worthwhile in life, perhaps they should have to earn that free ride.

Please contact Wendy at wendy.french@skoopix.com if you would like to see a copy of the family scholarship agreement.