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Affluent Parents Won’t Give Kids a Free College Ride, BofA Says

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

About 47 percent of those surveyed in the Merrill Lynch Affluent Insights Survey released today 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.