I make my son pay for his college tuition. If he gets good grades each semester, I pay him back.

• When I was younger, I didn't understand or appreciate my parents paying my college tuition.
• I want my kids to understand the true cost of college, so I devised a unique plan.

My mom was the first on either side of my family to go to college. She went back in her 40s, getting her master's degree at a college an hour away from our home while raising three children. Growing up, she was expected to go to secretarial school, but education was important to her, so my mom worked hard and got her degree.

She then set a family value: Education was important. My sister and I were expected to go to college, and when we did, my parents paid for it. They did so by remortgaging their home twice. They didn't want us saddled with debt after graduation and wanted to make this investment in us.

But the thing is, I never really knew how much it cost them. They would tell me how expensive it was, and I would nod. But I never really understood the true cost. They were paying a fifth of their yearly income to give me this gift, this opportunity. I didn't truly appreciate it. I just coasted along — grades came easily to me — and did pretty average work.

I want it to be different for my four kids. I want them to be more thankful for this opportunity than I was, but I also don't want them to leave college with giant student loan debt looming over their heads. So when I heard an idea from a family member about how her parents paid for her college, I seized upon it.

The tuition payment plan is simple

My kids must save and then pay for their classes each semester. My husband and I pay for their room and board. If they get an A or B in all their classes, we pay them back upon receipt of their report card.

They can then use the money for their next semester's classes. If they don't get at least a B, they don't get the money back, so there's no money for the next semester. If they get all A's and B's throughout their college careers, they will then have over $7,000 at graduation to invest in a home or go on a big trip.

It'll put skin in the game for them, and then they can understand just how costly their education truly is. This is an investment, something to be taken seriously. They must do their best work.

When I tell friends about this plan, they are intrigued and surprised — mostly that they didn't think of it.

It's working for my oldest son so far

My son began his first semester in August. Since he started high school, I explained this plan to him, and he has been on board.

I was taken aback when we found out the exact amount of his tuition. We've been putting money away since he was in first grade, and we still don't have close to what it will cost for four years. My son freaked out a bit, too, but he had money saved from his job at a pet store, and we figured out how much he could save from each paycheck. He worked all summer at an ice cream parlor to save over $7,000 — just enough for his in-state tuition.

I can't tell yet if this plan is foolproof because he's only in his first semester. But I can say that it seems like he's working harder than he did in high school. He's even told me how proud he was of the B+ he got on his biology quiz.

It also seems that he fully understands how much his school costs and is appreciative of our help.

We're investing in him, but he's also investing — his money, his time, and his hard work. He's investing in his future. We're equal partners. Giving him this first step toward independence is one of the best gifts we can give him, and it sets him up for making smart financial decisions throughout his life.