Half of parents admit they have no idea how they will afford kids college education: survey

Half of parents admit they have “no idea” how they’re going to afford their kids’ college education, according to new research.A survey of 500 parents of high school seniors who intend to enroll in a four-year university this fall and 500 parents of current four-year university students unveiled the realistic struggles they face in terms of funding their child’s higher education.Still, parents are more concerned about their child starting adult life with debt (33%) or carrying that debt through adulthood (29%) than they are about taking on more debt themselves (27%).According to the survey, conducted by Talker Research on behalf of College Ave, the average parent saved nearly $37,000 ($36,680.50) for their child’s schooling, yet only 32% saved enough to “fully” fund it.Half (51%) expected to be able to save enough, which may be why 65% were surprised by the actual cost.On average, parents polled are only able to fund 31% of their child’s college education.This is especially striking since a majority (82%) agree that a parent should help their child pay for college.To combat this, many parents of future college students plan to have their child contribute in some way, including getting a job while they’re in school (41%), taking out federal student loans (41%), or working while they’re on break or during the summer (37%).Almost one in five parents (17%) plan to get a second job to help pay for college, while others will take out federal parent loans or private parent loans as the sole borrower (both 16%).These approaches mirror those of current college students and their parents.Zooming in on the loans current college students took out, 21% took out private student loans and 33% took out federal student loans.Almost three-quarters of parents (72%) are concerned about paying for college while also juggling other financial obligations.“The survey highlights that paying for college is a ‘team effort’ for most families,” said Dan Kennedy, Ch...