Most parents believe college is valuable, but fewer are willing to foot the bill for their children to get a degree, a new survey reveals.

About 77 percent of parents are willing to help their child pay for college, compared to 81 percent who were willing to offer assistance last year, the Discover Student Loans survey found.

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

And 15 percent of parents feel children should foot the entire bill for college, up from 12 percent in 2012.

The number of parents who say their child should pay for most or all of their college education has increased for the past three years, says Discover. And over half of the survey participants say their child plans to take out student loans.

Currently, over 70 percent of college students have debt after they graduate, according to the Institute for College Access and Success. On average that debt is about $30,000, CNBC reported.

Millennials are already griping about the burden and obstacles that student loans present, especially in the current economy. And the expense is set to get worse.

Interest rates on student loans will rise on July 1 thanks to legislation that ties the rates to the performance of the financial markets, says CNBC. And it appears that further hikes may be on the horizon.

“Federal student loan rates will continue to increase in the next few years and will likely hit the maximum rate caps which are as high as 10.5 percent for some loans,” Mark Kantrowitz, senior vice president and publisher of Edvisors.com, told CNBC.

As young people face rising educational costs, parents are less willing to say for certain that they will help their children repay the debt.

Only 52 percent say they are likely to help their child repay student loans, with 24 percent saying they're very likely and 28 percent saying they're somewhat likely.

That's down from 58 percent who were likely to help with repayments in 2013, notes Discover.

In addition, 85 percent are very or somewhat worried that student loan debt will affect their child’s ability to buy a home, car or other large purchase after college.

So why the tough love? It appears many parents are concerned about their own finances, too.

Throughout the last three years, numbers have remained fairly consistent with three out of four families saying they are very or somewhat worried about having enough money to cover college costs, says Discover.

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

Related Stories:

• University: Obamacare Partly to Blame for Fee Increase
  
• Starbucks Offers Employees University Aid