Parents Value Education But Won’t Pay for College
More parents are requiring their children to either take out loans or pay for their college educations out of pocket.
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The Value of Education
CNN reports that a resounding 96 percent of parents feel that a college degree is a valuable investment. Unfortunately, a growing percentage of them will not be helping their children pay for that investment.
Even as the cost of tuition rises and wages stagnate, those with a college degree continue to fare better in the job market and in earning potential than their high-school educated counterparts. Some believe that this is due, at least in part, not to how well college graduates are doing in the workplace. Rather, high-school-educated workers are doing so poorly that by comparison college educated workers are better off.
There are still many parents willing to do what they can to help their children pay for college, but their numbers are decreasing. CNN cites a research report (with only 1,000 respondents) that found 77 percent of parents intend to help pay for college this year, down from 81 percent last year. If the trend continues, more college graduates will be crushed by debt upon graduation.
Many parents want to help, but are concerned about their own ability to support themselves in retirement. They seem to have enough money to pay for college or live a long life, but not both.
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