Financial Accuracy

With the economic downturn finances have become tight in many families. Parents have had to dip into their savings to pay for daily necessities. They have begun to wonder if they should make their college student work and pay for school on their own. Studies on the subject indicate that they should continue to support their child through college.

The number one reason parents give for not supporting their children through college is that they believe their child is partying at the expense of their grades. However, Jean Johnson author of New Report conducted a study showing that the number one reason students have to drop out of school is because they work so hard to pay tuition and rent that they cannot fit in time for homework and studies.

He suggested that parents simply do not realize how much tuition has risen in the past few years in comparison to wages. On top of this, states have lowered the number and size of grants that they are willing to give while raising tuition fees. In combination with the recession, students are having a more difficult time finding jobs and are simply struggling financially. While the parents may have been able to work through college, it is a lot more difficult now.

Parents often do not realize that the government expects them to contribute to tuition and other college expenses until their child qualifies as an independent. An independent is considered one who is 24 years old, a veteran, gets married, or becomes a parent.

Other studies have shown that students who have help from their parents graduate from college at a 63% rate. Meanwhile, students without help only have a 42% graduating turnout rate.