Parents plan to help their children with college applications and
keep them on parental payroll following graduation
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. There is a clear purpose in mind for the earnings: 83 percent expect their children to allocate some of those funds towards their college education, with 31 percent stating that their children should reserve half or more of their earnings for college costs.
“Parents support their children in so many ways and especially want to help them succeed in their educational careers,” said
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.
Now is the perfect time for families to think about how they’ll each contribute to college and to save whenever possible. A simple step is with
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