There are a lot of financial challenges when it comes to divorce. In addition to dividing assets and possibly arranging for child support or alimony payments, the other costly things in life don’t go away.
College tuition costs have been skyrocketing in Colorado and across the country in recent years, and it seems that children of divorced parents are having a harder time paying tuition than children of people who remain married.
According to a recent survey by a university, parents who remain married generally cover about 77 percent of their child’s college tuition. About 8 percent of their income is earmarked for college tuition. However, only about 42 percent of tuition was covered for children of divorce, with a smaller amount of the parents’ income contributing.
The reason for the disparity isn’t crystal clear, but it seems likely that college tuition is one of the hidden costs for divorced parents. According to a recent article, more colleges are offering breaks in tuition if students can complete their degree in three years rather than four. Three-year degrees are becoming more common options at big universities in several different states.
Such cost-cutting measures may be looking more appealing to families looking at hefty expenses. This sort of situation may hint of the challenges children of divorce may face. And although “children of divorce” usually refers to younger kids, those who are college age have their own struggles.
Source: USA Today, “Cut college tuition by getting 4-yeardegree in 3 years,” Mary Beth Marklein, June 22, 2012