Affluent parents won’t foot entire college bill, survey finds

About half of Americans with assets of more than $250,000 say they won’t pay the entire tab for their children’s college education, according to Bank of America.

About 47 percent of those surveyed in the Merrill Lynch Affluent Insights Survey released yesterday said they didn’t or won’t pay the full cost of higher education. Limiting access to the bank of mom and dad will help teach their kids financial responsibility, 29 percent of respondents said.

Tuition and fees for in-state students at public four-year institutions averaged $7,605 for the 2010-2011 school year, according to the College Board, a New York-based nonprofit. At private nonprofit four-year colleges and universities, costs averaged $27,293.

» via Boston.com