Contact Us
Make My Homepage

Picking up the college tab

Fewer parents are willing to help their children pay for college, according to an annual survey from Discover Student Loans.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

money
StockByte, ThinkStock

While 16 percent of families plan to contribute nothing toward the cost, 77 percent of parents said they will assist financially, down from 81 percent in 2013.

Just over half of survey respondents indicated they are likely to help their child repay student loans, representing another drop from last year’s findings.

Still, the overwhelming majority of parents admitted they see the value of a college education.

Leslie Beck, principal of Compass Wealth Management in Maplewood, said the findings suggest that parents are learning to comprehensively discuss college choices and finances with their children before any serious decisions are made.

“I think it’s important that parents and their children sit down and have this conversation,” Beck said. “Parents need to be upfront with their children about what their needs are going to be going forward as far as retirement savings are concerned, and what the child needs to expect to be able to contribute.”

Beck noted there is only one way to save for retirement, but several ways to fund an education. She said families should seek to use as many free money options as possible, like grants and scholarships.

Survey respondents were basically split on whether cost would be a factor when choosing a college.

 

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!