On Your Own; Your Legal Right @ Eighteen On Your Own formatted final version | Page 14

buying a car or leasing an apartment. Anyone over 18 of sound mind can
enter into a legal contract, but before you sign, you should read the
contract completely and make sure you fully understand it. If you don’t
agree with something in the contract, you should talk to the other party
about altering or removing it. Never sign an agreement with blank spaces
and always keep a signed copy. Generally, not understanding a contract is
no excuse for breaking the agreement. Make sure you understand before
you sign, as breaking the contract could cause you to be sued.
Collateral
Collateral is an item of value that is accepted by the lender as back-up
payment in case you are unable to repay your loan. If you buy a car, for
example, and agree to pay in installments, the car itself may be collateral
for the loan. An agreement to pledge collateral must be in writing. If you
fail to make your payments, the lender in this case could repossess the car
or sell the collateral you pledged.
College: Who Pays?
Most people entering college have reached, or shortly will reach, the age
of 18. In Vermont, that is the age of majority, or adulthood. When you
reach age 18, your parents’ legal obligation to support you generally ends.
A divorced parent’s potential obligation of support may extend to age 19,
or a child’s graduation from high school, whichever comes first.
So the legal answer to who pays for college is the same as the name of this
booklet—you’re “On Your Own.” Ever since the creation of colleges and
universities, however, some parents agree to assist their children with
college expenses without any legal obligation to do so. This tradition
represents an important distinction between those duties recognized and
enforced by law, and those “duties” imposed by custom, moral obligation,
or other values that are not legally enforceable. Often, there are student
loans available for the student (or if a parent voluntarily applies for one),
which loans can be paid back in installments over time, ordinarily with
payments starting after college. The Vermont Student Assistance
Corporation provides grants to some students based upon their need. You
may reach them at 800-642-3177.
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