Saving for College
Should You Help Your Kids Pay for College?
Children who earn money to pay for things they need (or want) tend to learn responsibility and the value of hard work. Should that principle extend to paying for college? A recent survey showed that 63% of people who graduated from college said they received some amount of financial help from their families. On the other hand, only 42% of the people surveyed whose families did not provide some amount of financial help graduated from college. While the reasons for the difference in graduation rates certainly extend beyond financial considerations, helping your kids pay for college should make it more likely that they will graduate.
Even if you can’t provide financial support, keep in mind you can help your child apply for financial aid, choose the right college loans, and find ways to pay their own way. Support comes in many different fashions not just financial.