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For decades, many parents’ version of the American Dream included getting their child through college. But excitement about the opportunity can rapidly diminish when families realize the true cost of higher education today. As soon-to-be high school graduates go through the tedious process of finding the right college, the issue of cost inevitably looms.

In attempting to find a solution to paying tens of thousands of dollars for education beyond high school, younger generations often turn to their family for answers — and the checkbook. According to a recent survey we conducted, 63% of Gen Z and younger Millennials relied on family to help support expenses related to attending college. This number has risen throughout the years.

There’s no denying the significant cost associated with attending college or students’ increased financial need. In this guide, we’ll discuss parents’ options for paying for their child’s higher education — and risky solutions to avoid.

How Parents Can Contribute to Paying for College

Before cutting that check, parents should encourage students to exhaust other options first. For example, an estimated 1.7 million scholarships are available to new and current college students. That means there is as much as $7 billion in potential scholarship money available for certain demographic groups. Grants are another possible source of free money. are available to new and current college students. That means there is as much as $7 billion in potential scholarship money available for certain demographic groups. Grants are another possible source of free money.