Many children who grow up with divorced parents are forced to deal with a plethora of challenges and obstacles they must learn to overcome throughout their lives. Now, thanks to a number of various studies and research, children of divorce have yet another issue to be concerned about; the rising costs of college tuition.
According to Forbes’ MoneyBuilder Blog, a study which was published earlier this month shows that divorced parents contribute only a third as much money to their children’s college education expenses when compared to married parents. Remarried parents contribute just half as much as parents who stay together.
The new data also shows that by splitting up, parents not only give their children more student loans, but also that student’s college debt directly correlates to their parents’ emotional stability.
Here is a look at the highlights of the findings from this new research:
- Students whose parents are married pay 23% of their own college costs.
- Students whose parents are divorced and remarried pay 47% of their own college costs.
- Students whose parents are divorced and not remarried pay 58% of their own college costs.
Ruth Lopez Turley, an associate professor of sociology at Rice University, attributes the difference in part to the financial strains of supporting step-children in addition to biological children.
Taking a look at the situation from a glass half-full perspective, another recently-released study shows that parents are putting away more money for their children’s college education with savings plan assets up 15% from a year ago.
Our advice for all of the current and prospective college students out there: Save as money much as you possibly can for your education, whether you parents are divorced or not.
What are some ways that your family saves money for college? Comment & share below!
For more information on where and how to find the money you need for college, check out our Free Student Loan Guide for information, advice, and more!