Kids, College, and Capital: Parental Financial Support and College Choice

Parents vary in both their willingness and ability to pay for their children's college expenses, yet there is little research on how adolescents' expectations of future financial support from parents affect their college enrollment decisions. Using data from the High School Longitudinal Study, I fill this gap in the literature by examining the predictors of parents' plans to pay for college and estimating the effect of having a parent that plans to pay for college on an adolescent's probability of college attendance. The results suggest that after parents' ability to pay is taken into account, social class remains a strong predictor of whether parents plan to pay for their children's college education. Additionally, parent's plans to pay for college have a measurable impact on children's college enrollment as long as the child is aware of or agrees with the parent's plans. Therefore, it is likely that socioeconomic differences in parents' pledges of financial support to adolescents contribute to postsecondary stratification. The results from this study suggest that policymakers and researchers who are concerned about educational inequality should pay greater attention to the role of parental financial support in structuring children's ability to access college.