Should Parents Pay for College? 8 Reasons For and Against It (and 5 Reasons to Share Costs)

Should students be responsible for paying for their education, or should parents pay for college? I was able to pay for college and graduate school using a combination of scholarships, grants, student loans, and my parents’ help. While I wish I didn’t have student loans, my balance is lower than many of my peers’ because I used a combined approach to pay for my education.

Finding a middle ground, as I did, where both parents and students contribute to college funding, is becoming more popular as college prices soar.

Below, we’ll outline the benefits of jointly contributing to an education and share several reasons for and against parents paying for college in full.

Table of Contents

1. How much does college cost?
2. What to consider when funding college costs
3. Yes: 4 reasons parents pay for college
4. No: 4 reasons against parents paying for college
5. Why not both? 5 reasons to share the responsibility
6. 6 ways to pay for college

How much does college cost?

According to the 2024 Fidelity College Savings Indicator study, 74% of parents have started saving for college. The overall cost of a college education depends on the type of school your child attends.

The Trends in College Pricing 2025 report from College Board shows the average cost of college during the 2025 – 2026 school year was as follows:

• Public four-year in-state: $11,950
• Public four-year out-of-state: $31,880
• Public two-year in-district: $4,150
• Private nonprofit four-year: $45,000

Typically, students attend school for four years, meaning the average cost is approximately $48,000 at the low end and $180,000 at the high end. While some parents can afford to pay for these education costs, others might have to focus on other priorities, like paying down debt or saving for retirement.

What to consider when funding college costs

Here are four things to consider when you’re deciding whether to pay for college costs.

1. Family values

The first thing to consider when deciding whether to pay for your child’s college education is your family’s values.

• Is college an integral part of your family philosophy?
• Do you believe education is an investment in that college degrees are necessary?
• If you do decide to pay for college, will you have expectations for your child’s academic performance?

It’s smart to discuss this with your child so everyone is clear on the expectations.

2. Budget

Next, think comprehensively about your family’s budget and cash flow over the next few years.

• Are your personal finance goals on track, and do you have an emergency fund in place?
• Do you regularly contribute to retirement?
• If you have more than one child, do you have a plan to help all of your children go to college?
• Based on your income, do you think your child will qualify for grants?

3. Cost sharing

Would you consider cost-sharing with your child when it comes to their educational expenses?

If so, how much would you want your child to cover?

• 25%?
• 50%?
• 75% of their school costs?

It’s good to review your budget and consider what you are willing or able to contribute, so your child knows whether they will need to work or take out student loans.

4. Financial risk

Finally, consider your comfort level with financial risk. Students can change majors or not complete college in four years (or at all).

If you choose to apply for Parent Plus loans, the interest rates can be high and can affect your credit. Think through these scenarios before agreeing to take out loans in your name.

Yes: 4 reasons parents pay for college

Here are some reasons many parents decide to pay for their children’s college education in full.

1. Reduces children’s financial burden

The most significant benefit of paying for a child’s college education is that it helps them to start life as a young adult free from financial burdens and student loan payments.

2. Gives students more time to focus on their studies

According to the Reddit thread below, some parents pay for their children’s education so their kids can focus entirely on their studies without having to take on a part-time job.

Parents paying for college?
by incollege

3. Reduces student financial stress and need to work

Temple University published the Student Basic Needs Survey Report, which showed that 79% of students who left college or were considering leaving did so because they couldn’t meet their basic needs.

When parents meet a student’s basic needs, it enables the student to concentrate on their schooling. 

4. Gives students more freedom in major and job selection

When parents pay for a child’s education in full, students have more freedom when it comes to selecting a major and a job after college. Students who have student loans may feel the need to choose a major that leads to a specific job outcome so they can afford to repay their student loans.

No: 4 reasons against parents paying for college

Here are some reasons parents might not want to pay for their children’s college costs. 

1. Could reduce student accountability

Depending on the student and their academic personality, some students might not value their education or take it seriously if they’re not directly involved in paying for it. 

2. Some schools or degree paths might not have a good ROI

Some students might want to choose a school or a degree path that doesn’t offer a good return on investment in the job market, and many parents might not want to fund those choices.

3. Potential negative impact on retirement savings

A Citizens Bank survey showed 62% of parents delay retirement to pay for college. Asking a student to pay for their education can help parents retire on time.

4. Cosigning and Parent PLUS loans can be costly and risky

Parent PLUS loans carry high interest rates and origination fees, which can delay parents’ other financial goals. Additionally, cosigning on a loan, even if a child agrees to cover the loan payments, is risky, as the parent is still legally responsible for the debt, whether or not the child makes payments.

Why not both? 5 reasons to share the responsibility for paying for college

According to a Northwestern Mutual study, the majority of parents expect their kids to contribute financially to college: 

• Expect their kids to contribute nothing: 36%
• Expect contributions up to a quarter: 37%
• Expect children to pay between a quarter and a half of education costs: 22%
• Expect children to pay more than half of the costs: 5%

Here are some reasons it makes sense to consider sharing responsibility for college costs.

1. Maintains parents’ financial security while also supporting the student

Many parents may need to meet their own financial goals, such as paying down debt or investing for retirement.

The Northwestern Mutual study showed 23% of those saving for a child’s college education still have their own student debt to pay off. Sharing the responsibility helps support both the parent and the student.

2. Gives student ownership over their life and results

When students pay for a portion of their education, it gives them ownership over their results. Students may be more likely to attend class, study for tests, and be involved on campus when they pay a portion of their tuition.

3. Respects the parents’ limits but doesn’t overburden the student

Even if parents want to pay for all their child’s education bills, they may not be able to. Asking a child to contribute respects parents’ financial limits while also avoiding the student taking out excessive amounts of student loans.

4. Includes the child in decision-making

Sallie Mae’s How America Pays for College 2025 insights showed 79% of families eliminated at least one school based on cost. If a child is responsible for paying a portion of their own education, it helps them be more conscientious and involved in the school selection process.

5. Reinforces family values and priorities

According to Sallie Mae data, 74% of families say college is worth the cost. Sharing responsibility for paying for it helps reinforce a family’s values and pass them on to the next generation.

6 ways to pay for college

There are many ways to pay for college. Students can use a combination of funding options, like the ones below.

1. 529 College savings plans

A 529 savings plan is a tax-advantaged investment account that families can use to pay for educational expenses. The accounts can be used for tuition, college housing costs, books, and more.

2. Federal student loans

The U.S. Department of Education offers federal student loans to eligible students. These loans offer benefits that private loans do not, like flexible repayment options and the potential for student loan forgiveness. 

3. Scholarships and grants

Students should apply for all eligible scholarships and grants, using sites like College Board to find opportunities. 

4. Work-study programs

Federal work-study programs provide on-campus jobs to eligible students, which can provide students with an income to offset the cost of tuition. 

5. Employer tuition assistance

Many employers offer tuition assistance for their employees. For example, Starbucks offers full tuition at Arizona State University online for eligible employees.

6. Private student loans

We recommend pursuing federal student loans before applying for private student loans. However, if your federal student loans do not cover your college costs in full, applying for a private student loan is another option.

Our top recommendation for private student loans is College Ave.