With their finances strained, some higher-earning parents are making their children pick up more of the tab. Among families earning $100,000 or more, students paid 23% of their college costs in 2012 through loans, income and savings, according to Sallie Mae, up from 14% in 2009; the share covered by parents fell to 52% from 61%.
“The boomers are the first generation shifting the cost of college to their kids,” both through increased student borrowing and reduced taxpayer support for higher education, says Susan Dynarski, a professor of education and public policy at the University of Michigan.
Umm…let’s see. I worked for 1/4 of my tuition, I took out loans for 1/4, I got a scholarship for 1/4, and my parents paid 1/4. And I’m a boomer and they were members of the “greatest generation.” And that was pretty much the case for everybody I knew. Oh…and I went to the University of Michigan too. 🙂