Parents have tough choices to make deciding on their financial standing when sending their kids to college. How much help should they offer? How do they make sure that their children learn financial responsibility? What is the best financial strategy?

Here are a few possible answers.

Paying for your child’s college is a good idea if you can afford it

Various positions exist on how fair it is to expect parents to pay their children’s tuition. Some experts point to the fact that college isn’t an essential because success is possible without college. Some believe parents should only be expected to pay for essentials. Those in favor of having parents pay point to the unfairness of the high cost of education today, and the terrible financial burden that loans place on a student.

Whichever side of this debate you may stand on, there are a few things to understand. College is a wise choice if the career that your child has in mind does require college. If it does, it is an essential, not a luxury. Ultimately, it is the parents’ choice on whether to provide support or not.

It is also important to understand that supporting a child through college doesn’t amount to coddling or spoiling them. The idea should be to pay as much for your child’s college as you can afford, without putting your own retirement into jeopardy. If you can only pay for tuition but not for board and lodging, that’s what you should pay. Encourage your student to contribute to the cost by working during school, breaks and during the summer.

Give your child a monitored credit card

Letting your kids have a credit card in college can be a risky choice because many have no idea how to use their newfound independence in a responsible way. They may go out and blow everything they have on the card.

A credit card with a low spending limit, however, can be a good idea. It’s when your kids blow their money and scramble to understand what they did wrong, that they begin to learn about how money works.

There are upsides to owning a credit card, too. As long as the card is in your child’s name, they will begin building credit, an important thing for when real life begins four years down the line.

Teach financial responsibility

Heart-to-heart talks about how money works are a part of gaining an understanding of money. You should talk to your child about savings, investing, payday loans, how banks and credit cards can help you with consolidation, how compound interest works and so on.

Talks are important because far too many young people go out into the world with an inadequate understanding of money.

Restraint is important, too

It’s a good idea to encourage financial responsibility by making your kids earn their rewards. While you should pay for your child’s college if you can, everything else like nice clothes and cars should be things they earn.

Finally, once you do have a policy in place, you should stick to it. It doesn’t work to start out with solemn declarations but to always bail your children out when there is trouble. Lessons will never be learned then.