How Much Should Parents Pay For Their Child’s Education?
While a college education is still a luxury, it is still a worthwhile investment, and most parents will plan to cover at least some of the cost of their child’s education. In a recent study, Bankrate found that almost half of parents plan to put their retirement savings at risk to help their kids afford college. This can be a huge burden, but the proper support will help your child enjoy the benefits of a higher income while in school.
In a Merrill Lynch/Age Wave survey of more than 2,700 recent college grads, more than 70% said they had received financial assistance from their parents in the past year. And 58% said they could not afford their current lifestyle without their parent’s help. According to financial experts, there are some things that new grads should pay for and some things that they shouldn’t. Here are some tips for deciding which expenses you should fund and which ones you should leave to your parents.
Cell phone plans
Cell phone plans are an essential expense for job seekers. You need to be able to reach potential employers, so you should start paying for your cell phone as soon as you land a job. If you’re a parent who has to take care of the children, consider getting temporary funding for your child’s cell phone plan. And don’t forget the transportation costs. Public transportation and Uber rides to interviews are expensive, so you may want to make sure you plan for these costs.
Some expenses are unavoidable if your child hasn’t secured a full-time job. For example, cell phones are essential for connecting with potential employers. Once you’ve landed a job, you should start paying for your cell phone, even if your child is still a student. For instance, you might want to pay for a public transit pass, saving you time and money. This is a great way to ensure you’re not going broke while your kid is attending school.
Taxi Or Uber Ride
In addition to cell phone plans, other expenses include transportation to and from job interviews. These expenses are often overlooked but are crucial for job seekers. Many parents don’t realize that these costs aren’t the only ones they’ll have to pay. For example, a taxi or Uber ride to a job interview can add to a significant expense. Using public transportation can help you save time and money. And, if you can’t afford a car, consider using public transportation instead.
Some parents pay for the entire cost of college. The average college student owes at least 54% of their tuition and other costs. It is worth noting that parents are increasingly paying a larger share of expenses than ever before. However, there are still some things that parents should fund. Most importantly, they should consider how much they can afford to spend on their child’s education. If you can pay for this, it’s a great help if your child’s schooling is free from debt.
Cost Of College
The cost of college is not cheap. It is essential to have a reliable cell phone to contact potential employers. If your child doesn’t have one, it’s a good idea to have one. This way, your child will be more likely to be able to stay connected with your parents, which is an essential part of their job search. If you can’t afford a cell phone, you should consider renting one. A car can be expensive and difficult to find, so you should use public transportation or Uber.
In a recent study, Sallie Mae and Ipsos found that parents paid more of their child’s college expenses than a student paying for their own. Paying for your child’s college tuition is not a bad idea. You can always borrow money from your parents if you have trouble paying. If you have the money, it’ll be worth it. You’ll be more likely to get a higher salary.
It’s essential to trust your lawyer when it comes to your child’s education. This will allow the lawyer to uncover facts you wouldn’t otherwise have been aware of. This will help your child get the best education and avoid financial problems. It’s also wise to be honest with your parents. While letting your child pay for their education is a good idea, parents should never pay for everything. If your child can’t pay for college, then you’ll have to give them some help.