Ultimately, there's no one right answer to how much of your child's college tuition you should pay. ... However, if you can't make this contribution, your child could still get an education by choosing a school that offers more financial aid or by borrowing more in private student loans.
Parents do not have a legal duty to pay for their child's college—with one exception. ... When it comes to the Free Application for Federal Student Aid (FAFSA), the Department of Education assumes that a dependent student will have the financial support of his or her parents.
Here are some situations that will not qualify for dependency overrides: Parents simply refuse to pay for any college expenses. ... Parents don't claim you as a dependent for income tax purposes. You (the student) demonstrate total financial self-sufficiency.
But, generally speaking, the going rate for a spending allowance at college seems to be $100 to $300 a month, said Leah Bourne, managing editor of the financial site The Money Manual. A 2018 OppLoans poll of 1,000 college students bears that out; 67% said they receive $2,000 or less annually from their parents.
In Sallie Mae's 2018 “How America Saves for College” survey, parents predicted savings would cover 29% of their child's college costs on average. If you plan for savings to pay for 30% of your child's four-year college attendance, in our example from above, that would be about $47,520.
On the basic rate, if you're paying for: One child, you'll pay 12% of your gross weekly income. Two children, you'll pay 16% of your gross weekly income. Three or more children, you'll pay 19% of your gross weekly income.
VIEWPOINT 2: Parents should be responsible to pay for college. “We recently conducted a survey of home-owning parents and adult children, and we found that 61 percent of parents say their adult children expect them to help with tuition.
The California State Legislature enacted the Middle Class Scholarship to make college more affordable for California's middle class families. The Middle Class Scholarship reduces student fees at the California State University and University of California by up to 40 percent for middle class families.
In most states, the family court system generally assumes that children's parents will adequately represent those children's best interests. With that being said, some states do allow children over the age of 18 to sue their parents in order to have their college education expenses paid for.
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