Attention All Preschoolers! Your Parents Want You to Pay for College

Attention All Preschoolers! Your Parents Want You to Pay for College

Maybe it’s the rising cost of college, or Mom and Dad trying to instill good money habits in their children, but one thing is clear: parents are no longer expecting (or willing) to foot the entire bill for their kids’ higher education.

According to a recent survey from Upromise by Sallie Mae, three in five parents expect their teenagers to have afterschool or summer jobs during high school, with 83% of parents expecting their kids to dedicate some of those funds towards their college education, and 31% estimating half or more will be put towards school.

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If the news comes as a shock to young kids who might have been expecting a free ride, at least most parents are giving their kids plenty of time to prepare and save up. The same survey found that half of parents say they’ll discuss the importance of saving for college with their children as early as elementary school, while another four in five plan to bring up the topic by the time their kids are teenagers.

But parents are hardly off the hook when it comes to helping their young adult children. In fact, about one in three parents polled said they expect to provide their kids with financial assistance for up to six months after they finish college, and a whopping 50% plan to help anywhere from six months to five years or more.

Wondering how to let your kid know she’s expected to contribute to the cost of college? Let her help compare the price tag on different schools and research available scholarships.

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