Parents today are often hit with a financial triple whammy. They need to balance helping their children pay for college, saving for their own retirement and often taking care of aging parents.
Meanwhile, the cost of higher education has skyrocketed in the past few decades, with the 2017-18 average in-state tuition and fee price over three times as high as it was in 1987-1988, according to the College Board.
Student loan debt has become the norm. More than 44.2 million Americans owe $1.5 trillion and the average student loan debt for graduates from the class of 2017 was nearly $40,000, according to Student Loan Hero. Regardless if they’ve saved for college or not, one in three parents say they will help their child pay back some or all of their student loans, according to a recent survey by College Ave Student Loans, an online lending company.