Should Parents Pay for College?

As many students are applying for colleges, families face pressing financial questions. Students ask themselves, “How do I pay for college?” and often turn to their parents for help.

 As a recent college graduate, I understand this question cannot be answered with a simple “yes” or “no,” as each family’s situation is unique. Through this article, I aim to equip parents and students with the necessary knowledge to make the best decisions for their circumstances.

The rising cost of college

Year after year, the average college tuition continues to increase. As of 2022, students pay roughly $30,000 for tuition, fees, room, and board for a four-year degree. When I was in school, I would review my financial aid offer at the start of each academic year, and I often found tuition and fees rising annually. 

Higher education costs have led to many students taking out loans, resulting in a significant rise in student debt. 

Factors to consider

There are three main factors to consider when looking at whether parents can (and should) pay for college. 

1. Financial Capability: Each family’s financial situation is different because there are several variables, such as income, debt, and living expenses. Many families find the cost of college difficult to cover entirely; however, financial aid can reduce the burden.
2. Planning Timeline: How early is your family planning? The earlier families begin planning for college expenses, the more time they have to save. Parents can form budgeting plans and save their kid’s college education. Meanwhile, students can find ways to earn money. In my case, I started saving my birthday and holiday money, took on a part-time job, and applied for scholarships during my senior year of high school. 
3. Type of Institution: The college cost varies by institution type, from community colleges to public universities to private colleges. Community college would be more affordable; however, public universities and private colleges may provide better financial aid packages. 

Options for parental support

With the three factors from above in mind, parents can choose whether to pay for their child’s college and to what extent. Let's evaluate them now.

1. Full Financial Support: When parents choose to cover all college-related expenses, students can dedicate more time and energy towards their academics and fully enjoy the college experience without the financial stress. Moreover, this support can potentially lead to students graduating debt-free. However, relying on full financial assistance may delay the development of life skills and financial independence.
2. Partial Support/Alternative Forms of Assistance: Parents can choose to partially pay for college and/or help with other costs associated with college, such as living expenses, books, and transportation. This can push students to gain essential skills like time management and work experience. In my experience, my parents financially supported some of my living expenses, but once I started working, I chose to rely on my parents less.
3. No Support: Some families may be unable or choose not to provide financial assistance. Students solely responsible for their college tuition and fees can learn to be independent and understand the value of money. However, students may face different challenges, like finding a job(s) that accommodates their school schedule and balancing academics and work. Furthermore, students will likely take out loans, leading to debt after graduation. 

Financial aid and scholarships

In certain situations, parents are unable to help pay for college; however, parents can be supportive in other ways: 

1. Provide the necessary documents for FAFSA and assist your student during the filing process. The FAFSA form can be intimidating for a high schooler, so parental support can help ease a student’s worries!
2. Encourage your student to apply for scholarships. There are so many scholarship opportunities out there, and students can continue to apply during their years in college. 

Emotional support is just as important as financial assistance. Be there for your child and support them through the ups and downs of their journey to college.

Finals thoughts

The decision to pay for your child’s college education is a nuanced process that varies for each family. I highly recommend families start these open discussions early to set realistic expectations and develop a plan that best meets their needs. Additionally, I encourage parents to provide as much support as possible throughout the student’s college journey. 

Parents, are you looking for more ways to support your child as they navigate the path to college? Make sure to check out Appily’s Articles and Resources dedicated to parents.

Calculate your chances of getting into college

An essential part of planning to pay for college is applying and getting accepted. Once that happens, you'll better know how much tuition, living arrangements, and books will be at your chosen college. But that's easier said than done when managing essays, recommendations, transcripts, and personal statements for each school. 

Be more strategic when you apply by using our chances calculator tool. With it, you can calculate the chances of admission into any college using your academic information, like GPA and test scores. Just click the button below to get started. It's easy and always free.