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If a minor enters into a contract, the parents are not a party to the contract and may not be held liable if the minor doesn't fulfill the contract terms. But if a parent or both parents co-sign a contract along with the minor, the contract is valid, and they are bound by the terms.
What should my parenting agreement contain?A parenting time schedule.Information about how the parents will make decisions for the child.Information about finances and expenses.Parenting provisions (rules about raising the child)Any other information you want to include.
Ultimately, there's no one right answer to how much of your child's college tuition you should pay. When your child fills out the free application for federal student aid, you'll be provided with an expected family contribution amount and any financial aid will be reduced based on the amount you're expected to pay.
Parents do not have a legal duty to pay for their child's collegewith one exception. Recently, there's been a lot of debate over whether parents should be responsible for their child's postsecondary educational expenses.
Are parents legally obligated to pay for college? State law rules that the obligation to financially support your kids ends when the child turns 18. That means parents have no legal obligation to pay for their child's college education with one exception.