Parents are getting less inclined to pay their kid’s college tuition with only 29 percent willing to pay the full cost compared to 43 percent in 2016, according to the results of a Fidelity study released Thursday.
The Fidelity study discovered that pricey tuition costs for attending university are not faring well with parents, according to Moneyish. Only seven out of 10 parents are saving money for their child’s tuition, which compares to 72 percent in 2016. Parents now pay on average only 62 percent of their child’s full college tuition, which dropped from 70 percent in 2016.
“Parents are more realistic about the cost of college,” said Melissa Ridolfi, Fidelity’s the vice president of retirement and college leadership, Moneyish reported. (RELATED: Tuition-Free College Bill Coming Down The Pipeline From House Democrats)
Kids are also now expected to contribute to $15,385 on average to school tuition costs that increased by 24 percent since 2016. However, kids might not realize they are off the hook since only four out of 10 parents will tell their children that they’ll need help paying expensive tuition fees. This number grew from 31 percent in 2016, Fox Business reported.
In-state college tuition for a public university cost on average $20,770 during the 2017-18 school year. Out-of-state tuition was $36,420 in average for the 2017-18 school year. The number increased to $46,950 for a private school, the College Board reported.
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