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Parents Expect Children to Help Pay for College, Survey Finds
Wednesday, June 4, 2014 6:20 AM

According to a recent survey conducted by Upromise by Sallie Mae, American parents of toddlers, teens and all ages in between plan to contribute to their children’s financial future in more ways than you might think.

Half of parents will discuss the importance of saving for college with their children when they are in elementary school, with four in five planning to discuss it by the time the child is a teenager. When considering paying for college, most parents expect their children to contribute: three in five parents expect their teenagers to have afterschool or summer jobs during high school, even parents whose children won’t reach working age for some time.

The survey also finds that 83 percent expect their children to help pay for their college education, with 31 percent stating that their children should reserve half or more of their earnings for college costs.

Parents of kids of all ages, even those of preschoolers, expect to take an active role in their children’s college application processes. Ninety-two percent are willing to offer assistance completing the application; including recommending which key accomplishments to feature, proofreading and editing.

Two percent will even complete the entire process for their children. Parental support doesn’t always end on graduation day. Roughly 85 percent of parents, including those with young children, plan to offer their children monetary aid after college graduation, mostly through providing health insurance, assisting with rent or putting up their post-graduates at home. Almost one in three expect to provide their children with financial assistance for up to six months, and approximately 50 percent plan to help foot bills anywhere from six months to more than five years.

 

Helpful Resources: Credit Union Student Choice – a business partner of Credit Union Resources – provides higher education financing services to credit unions.