The Majority of College Students Rely on Parents for Financial Aid
It’s pretty common knowledge that most college students can’t afford to go to school without taking some sort of financial aid these days. Some receive scholarships, some apply for federal financial aid, and some take out private loans from the government. However, the majority (62 percent) rely on loans from their parents, according to research from the University of Michigan‘s Patrick Wightman.
In his research, Wightman found that parents are helping their children earn a higher education to the tune of about $12,185 per student per year. This money goes toward everything from tuition to reoccurring expenses, such as rent and bills. This is a new trend concerning how students pay for their higher education and living expenses, probably caused by the fact that 25 percent of young adults between 18 and 34 years old are not making enough money at their jobs to cover basic living needs.
Surprisingly, the financial aid from parents does not seem to stop after the children have walked across the graduation stage. Harris Interactive conducted a poll last year that showed that 59 percent of parents continue to give their children financial help after their children graduation from college. This is probably due to the fact that college graduates are having a hard time finding jobs.
Via The Huffington Post