Fewer Parents Helping To Pay For College
Career College Central summary:
Though parents still agree that a college degree is extremely important, fewer are planning to shell out their own money to help their kids attain one. About 77% of parents say they plan to help their child pay for college — down from 81% last year, according to a Discover Student Loans survey of 1,000 adults.
Many of these parents say they would like to help but are worried about their own finances and simply don't have enough money to put toward college costs. About three in four families surveyed said they are "very" or "somewhat" concerned about having enough money to help pay for college.
Instead, a growing number of college-bound kids are taking out loans to cover the costs or are being asked to pay for these expenses out of their own pockets. In fact, 15% of parents said they believe their children should pay for every cent of college on their own — up from 12% in 2012. Another 32% said their children should pay for most costs, compared to 27% in 2012.
The trend has been similar when it comes to repaying loans, with fewer parents saying they plan to help their kids make loan payments — despite the fact that the vast majority of respondents said they are "very" or "somewhat" worried that student loan debt will make it harder for their children to make important purchases in the future, like buying a home.
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