According to an excellent article in the Suntimes, many parents putting away less savings for their children’s college education. Based on a survey by the College Savings Foundation, parents have saved less this year than last year, and a great number of parents saved nothing.
Some of the highlights of the survey include:
Parents who saved less than $5,000 per child for college totaled 65%. This includes 43% who saved $0. Savings rates were higher in the prior year.
63% of parents expect their kids to shoulder debt
70% of parents expect their kids to still be paying back loans beyond five years out, and 29% beyond 10 years out.
Student loans will be the top aid source for 37 percent of parents.