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Parents are Worried About Affording College for Their Kids

Gen Z and Millennial parents are not confident about affording college for their kids, so they’re teaching them about alternatives…

Written and Edited by the YPulse Editorial Team
KEY TAKEAWAYS
  • Questions are being raised about whether the cost of college is worth it
  • Over half of Gen Z and Millennial parents say they won’t be able to afford their kids’ college education
  • Parents are teaching their kids about alternative options
Students and parents are getting more anxious about affording higher education. According to application site ScholarshipOwl, 19% of Gen Z college students who dropped out of college recently cited financial uncertainty as the primary reason. As of June, another 90% of Gen Z students planning to attend college this fall are still unsure about how they will fully cover their tuition costs—with one in five saying they need more than $20K to meet their tuition needs. YPulse has told you before that Gen Z students are increasingly placing less value on having a college degree, especially in the face of rising tuition. But some headlines suggest parents of Gen Z still think college is worth the price tag, even if their kids don’t. Fidelity’s annual College Indicator study shows 74% of parents have started saving for their child’s education, compared to 54% who said so in 2007. However, YPulse’s recent Education report data shows Gen Z and Millennial parents are worried the costs of college will be too much... ...

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