There’s no doubt college is an expensive proposition, and most kids are expecting their parents to pony up the dough for the bill.
It seems a lot of those kids are sorely mistaken. In fact, a new T. Rowe Price survey finds that 42% of parents believe it is not their responsibility to pay for college, while 69% of kids believe it is.
And when it comes time to pay, a lot of parents couldn’t even take care of the bill if they were willing. Only 19% of parents say they can afford to cover their kids’ entire college bill, while just 25% say they can afford to cover most of their kids college expenses. What’s more, 45% say they will be able to cover some, but 19% say they can’t cover any.
As for how parents do plan on paying for college, savings is the top choice, but after that 42% rely on grants and scholarships, 37% expect their kids to work and rely on student loans. And when it comes to loans, 78% of parents would consider sending their kids to a less expensive school to avoid huge student loans.
- ONE MORE THING! There could be a good reason why parents and children don’t see eye to eye when it comes to paying for college. Apparently, a lot of parents are extremely uncomfortable talking about saving for college with their kids. In fact, 37% say talking about college savings makes them uncomfortable, which is almost as many parents who are uncomfortable talking about school safety (38%), sex (38%) and drugs (37%).
Did you pay (or are you paying) for your child's college? Do you think it's something you have to do or not?