Hey everyone, a quick but super important question. How often do parents foot the bill for their kids' undergraduate degree? Is that a common thing or do most students rely on financial aid, scholarships, or loans? Feeling a tad overwhelmed by all the financial stuff and just trying to get a realistic picture.
Hi there! The financial side of college can certainly be overwhelming, so it's good that you're seeking out information. The answer to your question varies widely based on individual family circumstances, incomes, and the cost of attending college. According to a report by Sallie Mae, about a third of college costs are covered by parental income and savings. So, yes, quite a few parents do contribute significantly to their children's college education.
Some families might cover a much larger portion of the costs from income and savings, while others might rely heavily on scholarships, grants, or loans. It can be beneficial to apply for financial aid (by completing the FAFSA), pursue scholarship opportunities, save money, and factor in earnings from part-time jobs or work-study programs.
Remember, each family's situation is unique. What works for one student might not work for another. It's best to have an open and candid conversation with your parents about what makes sense for your family's circumstances. It's also helpful to utilize resources like the net price calculators offered by many colleges, which can give you an estimate of what your family would be expected to contribute financially.
This whole process can seem daunting, but with research and planning, it can be managed effectively. Good luck on your college journey!
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