More than half of American parents are willing to go into debt to pay for their child's college tuition, according to a new report.
Parents paying for their children’s expenses, like rent and health insurance post-graduation, is nothing new anymore.
“It’s such an emotionally charged subject,” said Doyle Williams, executive vice president at Country Financial. “If that’s going to help them you’re going to do anything. Your emotions are telling you ‘yes.’ But you need to step back objectively and ask what is the right thing to do for you.” Rising tuition costsAs most people know, the cost of college in the United States is expensive — and getting costlier each year. In the past decade, the price of a four-year college degree from a private institution has jumped from $28,440 to $35,830. When including room and board, that number rises to $48,510, according to data from CollegeBoard. Public tuition has also been on the rise, increasing from roughly $7,500 to more than $10,000. That number doubles when considering room and board.
“However, 30% of parents have not been able to save anything for their child’s education, with 4 in 10 parents admitting that having a child is more expensive than they anticipated,” the report says.
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