Most college graduates aren’t financially independent — at least not right away — reports a survey by Sallie Mae. Nearly 85 percent of parents plan to offer their children monetary aid after graduation.
Almost one-in-three parents plan to provide their grad with financial assistance for up to six months, and around 50 percent plan to foot bills anywhere from six months to more than five years.
Tough love will help young adults grow up — and protect Mom and Dad’s retirement, advises Dennis Miller on MarketWatch.
Nothing can screw up retirement plans like supporting adult children after you’ve shelled out tens of thousands of dollars in college tuition, shuttled them back and forth for Thanksgiving and Christmas breaks, and maybe purchased a new computer for all that research and writing they did (or maybe didn’t do) over four-plus years.
It’s not just the lousy job market, writes Miller. “Social norms have shifted so that accepting help from Mom and Dad well into your 20s is ‘OK’.”
Parents, do not borrow to pay for your child’s college education, advises Robert Farrington on Forbes. If it’s necessary to take out loans, the student should do the borrowing.
Via Cost of College.