STUDY: Fewer parents are willing to pay for their kid's college education
- Parents that plan on providing financial assistance for tuition is down four percent.
- 32 percent of adults believe it is their children’s duty to pay the bulk of their college expenses.
- 15 percent of adults believe their kids should foot the entire college bill.
A new poll from Discover Student Loans indicates that while 96 percent of those surveyed view college as valuable, fewer parents plan on paying for their children’s college education.
The study, which surveyed 1,000 adults, shows that the percent of parents that plan on helping their child pay for college is at 77 percent, down four points from last year’s 81 percent.
CNN Money reports, through a series of interviews, that “[i]t's too expensive to go to school.”
32 percent of adults believe it is their children’s duty to pay the bulk of their college expenses, up five points from 2012. The proportion of parents who believe their offspring should foot the entire bill is up three points to 15 percent.
Reporting similar trends, the study revealed that 85 percent of parents are “somewhat” or “very worried” that post-graduation investments like purchasing a home will be negatively affected because of student loan debt.
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