Parents Want a 3.1 from Student Kids to Keep Funding

26 August 2011 - Which Way to Pay

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Parents Want a 3.1 from Student Kids to Keep Funding

According to a Fidelity Investments survey of 2,400 families, 66% of American parents say that they will pay for college education for their children only if they keep their grades above 3.1 out of 4.0 once they are in college. The mutual-fund company based in Boston also found that 75% of parents said that they do not want their children burdened with college loans. This is 10% higher than the 65% in the same survey in 2007.

‘You see folks significantly changing their overall lifestyle and part of that is shared accountability,’ commented Joseph Ciccariello, the vice president of college planning at the company. Fidelity Investments is the third biggest administrator of 529 college savings plans. Tuition and fees at public 4 year institutions for in-state students average at $7,605 for the school year from 2010 to 2011. For courses of the same length at nonprofit colleges and universities, the cost averages $27,293.

The report also said that many parents are encouraging their children to attend the cheaper public colleges and universities, and wanting them to work part-time to contribute to the fees. Many children may plump for other options like student credit cards. Many parents are starting to save for their children’s education earlier, with as much as 40% of parents whose children are under 5 years old already starting college funds.

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