More Parents Are Not Paying For Their Kids College!
Paying for kids to go to college can certainly set parents back a lot of money, which may be why more moms and dads are no longer footing the bill for their kids’ education.
A new Fidelity survey finds that 70% of parents are saving money for their kids’ college tuition, which is down from 72% two years ago. While that doesn’t sound so bad, the survey also finds that only 29% of parents say they will pay for their kids’ college tuition in full, which is a decrease from 43%.
So, what will parents pay for? Well, the survey finds most moms and dads only plan to pay 62% of their kids’ tuition, which is down from 70% two years ago. What’s more, parents are expecting their kids to chip in, on average, about $15,385 for their education, which is 24% more than in previous surveys.
And it seems a lot of kids are clueless about what they will have to pay once they’re ready for college. Turns out, 40% of parents say they haven’t told their kids they’ll need to chip in for their degree.