For most students, attending college usually involves borrowing money through federal or private student loan programs (find more).
Despite this, some 21% of parents said their son or daughter were “getting paid in cash,” while the remaining 71% of parents said their child were still receiving financial aid, according to the study.
Not only were more of these parents saying that their child was receiving grants or loans, but that number actually increased since the beginning of 2014.
This follows a trend that’s been experienced by many Millennials, according to the National Center for Education Statistics. About 61% of those surveyed in 2008 said they would be financially responsible for at least one child, while only 27% said the same of two children.
“Many parents are confident in their ability to raise their child through college. And while there is clearly a cost to that effort, a large majority of the parents say they think that is worth it for their child,” said John Schmitt, co-author of the report and an associate professor of financial services at the University of Missouri-Kansas City.
That means as they age and their ability to earn an income gets better, they’re less likely to worry about whether their children will be able to keep up with a college education.
“Parents continue to support the importance of a college education and for their children to pursue one, even when those children haven’t earned a degree themselves. But they are less comfortable with how to help their children get an education, and that’s a concern for us,” Schmitt said.
An independent report released this month found that about 1.3 million student borrowers in the United States were “deficient” when it comes to paying back their student loans. These students were deemed “dissatisfied” with the level of financial assistance they received from the government to pay their loans.
As one parent said in the report, “In some cases, I feel that the student loan default rate is our fault as parents. We failed to do more to help, and when the law said that we had to, we were unprepared.”
Related: Student Loans: More and More Graduates Entering Default
The report also found that about 13% of the borrowers had had no education beyond high school, “often at the cost of missing out on the education they may have needed.”
This report comes on the heels of a recent study that found that the top three reasons why millennials have had trouble saving for retirement are student loans, car payments, and home mortgages.