Parents pay for college to provide their children with the opportunity to receive higher education and achieve career success. Additionally, many parents see it as their responsibility to help their children financially and ensure their future success.
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Parents pay for college in order to provide their children with the opportunity to receive higher education and achieve career success. Additionally, many parents see it as their responsibility to help their children financially and ensure their future success. A study by Sallie Mae found that 85% of parents feel that paying for their child’s education is their responsibility.
There are several reasons why parents feel the need to pay for their children’s college education. According to a report by CNBC, parents want to provide their children with a higher education because it is seen as a means to achieve financial stability and success. Moreover, parents want to give their children an opportunity to explore their passions and interests in a safe environment.
According to a report by the College Board, the average cost of tuition and fees at private colleges during the 2021-2022 academic year was $37,000 per year while in-state tuition and fees at public colleges averaged at $10,560. As such, parents may need to save a considerable amount of money to help pay for their children’s education.
In addition, some parents may see their children’s college education as a reflection of their parenting skills and want to ensure their children have every opportunity to succeed. As author Franklin P. Jones once said, “The aim of education is the knowledge, not of facts, but of values.” Parents want to instill certain values in their children, and providing them with a higher education is a way to do so.
Here is a table showing the average cost of tuition and fees at some well-known universities:
| University | In-State Tuition/Fees | Out-of-State Tuition/Fees |
|---|---|---|
| Harvard University | $54,002 | $54,002 |
| Yale University | $57,700 | $57,700 |
| Massachusetts Institute of Technology | $53,790 | $53,790 |
| University of California – Berkeley | $14,312 | $44,066 |
| University of Michigan | $17,982 | $52,266 |
In conclusion, parents pay for college to provide their children with opportunities to succeed, financially and personally, as well as to instill important values and beliefs. As former President Barack Obama said, “Education is the foundation upon which we build our future.”
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Rachel Cruze and Anthony O’Neal discuss the importance of saving for your children’s college education through an Educational Savings Account or 529 plan. Anthony suggests that not every young person needs to pursue a four-year university degree, and explores other options such as community college or trade school. He advises parents to be honest with their children about their financial limitations and encourage them to take ownership of their future by seeking out scholarships and grants. Parents should also hold their children accountable and encourage them to spend less time on their cell phones and more time researching financial aid options for college.
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Pros of Helping Your Student Pay Tuition If you help your child pay for college, they will be less likely to need student loans. Graduating without student debt sets them up for a healthy financial future. If parents help their students pay tuition, then the student may not need to repay student loans after graduation.
Some say it is because they want to save their kids the struggle they themselves suffered by being solely responsible to pay for their degrees. Other may come from a family where that luxury is the norm — or their student is a first-generation college student they are eager to support.
Parental financial support can send a message about the importance of education and inspire a student to work harder. In addition, these experts suggest that paying for a child’s education is an investment in a child’s future — giving them a shot at better career options.
Parents aren’t legally obligated to pay for their child’s college education unless it is stipulated in a divorce degree that a parent will cover costs. But many parents, like Hunter, believe that helping your child is part of their parental duties. Other parents, though, think their children should pay their own way through college.
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