Do your kids a favor: Don't pay for their education

Published Friday, January 18, 2013 / The Five

This is a rush transcript from "The Five," January 18, 2013. This copy may not be in its final form and may be updated.

BOB BECKEL, CO-HOST: If you want your children to succeed in college, you may want to stop paying for their education. According to a new study at the University of California at Merced, kids whose parents put them through college actually get worse grades than students who aren't as fortunate, which is to say those of us who pay the whole tab, I do that for my son who just started college. And if this is true, kid, go get a student loan.

Eric, what about you?

ERIC BOLLING, CO-HOST: Bob, first of all, looking to the study --

(CROSSTALK)

BOLLING: This is a study of 500 sets of parents. If you look deeper, here is what it is. Two-thirds of college student receive some financial aid from their parents. That means one-third don't. One-third that doesn't receive aid do better. That would kind of make sense.

One-third have to work, probably self-motivated and they realize that they are working, so they better not screw it up, because the two-thirds who say, you know what, it's my parent's money --

BECKEL: Two-thirds are the ones who -- they get loans and other things.

BOLLING: But the study saying that the people who do not receive aid from the parents do better.

BECKEL: Right, right. One-third who do --

BOLLING: They're motivated. Apply it to welfare state.

BECKEL: How about food stamps?

BOLLING: Oh, sure. Yes.

BECKEL: Go ahead, Dana. Let's not talk about that.

BOLLING: All right.

DANA PERINO, CO-HOST: I think there is some truth to this. I have someone close to me who -- she had to get student loans. Plus, she's got a scholarship. She was worried she would lose a scholarship all she did was study. She didn't go out and party and she became an R.A. So she was responsible for the residents hall there.

There is so much responsibility placed on kids like that. Then she had to help take care of the other kids two are basically partying all the time.

BECKEL: Who took care of you, Greg?

GREG GUTFELD, CO-HOST: That was moving story. Wow!

Parents paying their kids is not as damaging as college itself. It's like paying to have your kids in to a cult that teaches them to hate you.

That's what college is.

PERINO: And to work against everything you built.

GUTFELD: Exactly. Daddy is bad because he didn't hug you enough.

BECKEL: After we get through with that ridiculous statement. Do you have something to add to this conversation?

ANDREA TANTAROS, CO-HOST: I don't know if I necessarily agree with that. I think -- I was given a tremendous gift. My parents paid my tuition. But they didn't give me money on top of that.

So I either had to work all summer and save, which didn't work out very well. Or work all year round, which I did. I waitressed at the outback steakhouse and I got other waitressing jobs. It's the kids I thought at schools --

GUTFELD: On Cedar Crest?

TANTAROS: Yes.

GUTFELD: I remember that.

TANTAROS: Blooming onions and boomerangs.

I thought the kids that got allowance were the ones that maybe slacked off. They didn't have to go out and work. I mean, I don't know -- I know some people had full rides were good students.

BECKEL: I had zero helped with my parents and I ended up with 2.0001 because I went out with French teacher.

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