While the cost of higher education Opens a New Window. can certainly be expensive, results of a study released Tuesday unveiled just how many parents would go into debt for it on behalf of their kids.
A survey from Country Financial showed that more than half of Americans polled – 56 percent – were open to fronting the bill for college and taking on debt as a result, according to a news release Opens a New Window. that detailed the survey results.
“The survey found that 56 percent of Americans would voluntarily go into debt to pay for their child’s college education, with the average person willing to take on $31K in debt,” the company said.
There are, of course, many reasons why students drop out or fail out. The factors that the public often blames for this — academic unpreparedness and disengagement among students and misplaced priorities among faculty — however, turn out to be far less important than non-academic factors. These include cost, including opportunity costs, competing demands on students’ time, wasted credits (when students transfer or shift majors), various life issues, and a lack of a sense of belonging. Transportation issues, childcare issues, work and family responsibilities, add to the challenge.
On June 18, 2018, the Department of Education published a Notice in the Federal Registerthat allowed additional time, until July 1, 2019, for institutions to comply with the requirements of the Gainful Employment (GE) regulations in 34 CFR 668.412 (d) and (e). In this electronic announcement, we remind institutions that they will soon need to comply with these provisions. Specifically, beginning on July 1, 2019, affected institutions will be required to provide a prospective student or a third party acting on behalf of the prospective student, as a separate document, a copy of the disclosure template before the prospective student signs an enrollment agreement, completes registration, or makes a financial commitment to the institution.