Helicopter parents are following their kids to business school, at least if you go by one anecdotal report. They’re also carrying a greater part of their children’s tuition costs, according to a survey of 12,000 prospective business school students published today by the Graduate Management Admission Council.
Parents will kick in 15 percent of the cost of business school on average, up from 12 percent in 2009, the survey says. That means mom and dad will help cover a decrease in the amount students expect to receive in scholarships, grants, and fellowships, which fell to 18 percent in 2013 from 20 percent in 2009.
Respondents to the 2013 survey also said that they plan to pay for a greater portion of their MBA out of their personal savings, compared with 2009. One possible explanation is that a stronger economy has made students and parents more able to handle tuition costs. That hasn’t proven true for grad students in other fields, who are incurring more debt to complete their degrees.
Whatever the reason, it’s a good thing that many prospective MBAs have parents who can help foot the bill: New tuition hikes are in the works for at least six of the top 10 schools in Bloomberg Businessweek’s most recent ranking of full-time MBA programs. Those schools can carry a price tag of more than $150,000 over two years after living expenses.