It's well known that the cost of college can eat up a huge amount of a family's budget. But new evidence has come out showing that child care is even more expensive!
Child Care Aware released a study showing that in 30 states, the annual cost of child care is higher than the cost of tuition plus fees at the four-year state college. Child care can eat up to 25 percent of a single parent's income, and the toll on those at or below the poverty line is even more significant. The study shows that child care can take up to 85 percent of the income for these families.
The study also pointed out which states spend the most on child care. Massachusetts tops the list; parents here spend on average 15 percent of a two-parent budget on child care costs, described as sending their children to a center for care. Parents in Louisiana pay the least, with only 7 percent of their income going towards child care.
It seems pretty intense that child care costs more than four-year state colleges, which are well-known for leaving graduates in debt. Just imagine what the costs of child care is doing to families!
Child Care Aware ended its study by recommending that the government programs currently in place to reduce these costs should be re-examined and that changes should be made to the existing model.