Final Answer:
The average amount of money parents in the U.S. spend raising a child who goes to college is $250,000. The correct option is d. $250,000.
Step-by-step explanation:
Raising a child who attends college involves various expenses, including tuition, housing, meals, and additional costs. The $250,000 figure encompasses not only direct educational expenses but also factors in the broader financial impact of supporting a child through their college years. The correct option is d. $250,000.
Tuition fees alone can range from $10,000 to $50,000 per year, depending on the institution and whether it is a public or private university. When considering housing, textbooks, transportation, and other miscellaneous costs, the overall expenditure significantly increases.
To break it down further, let's consider a four-year college education. The College Board reports that the average annual cost (tuition, fees, room, and board) for in-state students at a public university is around $25,000, while for out-of-state students and private universities, it can exceed $50,000. Multiplying this by four years brings the direct educational costs to $100,000 or more.
Factoring in additional expenses such as books, supplies, and personal expenses, the total easily reaches or surpasses the $250,000 mark. This comprehensive estimate underscores the financial commitment parents typically make in supporting their child's college education, encompassing both direct and indirect costs. The $250,000 figure aligns with these considerations and reflects the comprehensive nature of the financial investment involved in raising a child through their college years.