Niamh Spence
College and university fees are at the highest they've ever been, and scraping to pay for them can be tricky.
Some people are lucky enough to have parents to help out, but one girl's parents have revealed why they won't be opening up the 'bank of Mum and Dad' despite earning over $550,000 last year and being on track for over $1million this year.
Andrea Mac and her husband have made the joint decision not to fund their eldest daughter's tuition fees for the University of Iowa, as they hope to teach her the lesson of independence and the true value of money.
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Mac, who's business made just under $550,000 in 2023 and is projected for seven figures in 2024, stands by her decision as she told Business Insider: "By not paying for college, we want our children to own their academic journey fully. This means they'll need to make crucial decisions, seek scholarships, and manage their finances, which will help them truly understand the value of their education."
Mac also explains that as she and her husband won't commit to financing their daughter, or their other three children's college degrees, they don't get to decide where their children go or what they study. This will be left to their children to choose.
Whilst some might think it's harsh not to help their children out with finances for college, Mac's decision is a financial one as she explains the impact on her family.
The mum of four added: "Committing about $800,000 — an average of $200,000 per child for a four-year university degree — could jeopardize our future financial security. We prioritize living within our means, and paying for college for four children would stretch our finances beyond what we're willing to risk."
Mac also explained that the family works hard to avoid being in debt, and don't want to risk that in order to put their four children through college.
Research from Writers Per Hour has shown that the debt can be crippling with Maryland, Georgia, Virginia Florida and South Carolina having some of the highest student debt.
Adela Belin from Writers Per Hour explained: "As the numbers show, the student debt crisis is not an abstract concept but a stark reality faced by millions of Americans, particularly those in states where the weight of debt is most acute. Without meaningful intervention and systemic change, the promise of higher education may remain out of reach for far too many.
"Addressing the student loan debt crisis requires a multifaceted approach, including increasing state funding for public institutions, promoting financial literacy among students, and exploring innovative solutions to make higher education more affordable and accessible."