If you are planning on paying for your child’s college education, you might want to start socking away more than just 4 years worth of expenses.
As the number of students attending and graduating from college increases, the number of job openings will continue to decrease, making it harder and taking much longer for recent grads to find their first job. Perhaps reluctantly, this sends the student (your child) back home to live once again under your roof. Time to turn that rec room or study back into a bedroom.
A new survey from Sallie Mae shows that 36% of parents expect to support their children for up to 2 years after graduation and 17% said that they would support them for up to 5 years! You can read the rest of what contributor Nick Morrison has to say about this and the sobering truth for parents these days.