Sallie Mae / IpsosPosted on 06/11/2015 8:57:23 AM PDT by SeekAndFind
According to data from the College Board forecasted by NerdWallet, the average cost of tuition for kids born in 2015 who attend a private four-year college 18 years from now will be $261,793.
For those kids attending a public four-year college, it will be $133,528.
No wonder some parents start thinking about paying for college before their children are even born.
In its latest report, How America Saves for College 2015, student lender Sallie Mae and market research company Ipsos surveyed nearly 2,000 American parents with at least one child under the age of 18 to find out how families are thinking about and preparing for college costs.
According to the report, nine out of 10 parents surveyed expect their children will attend college, and about the same percentage consider college to be an investment in their child's future — but their levels of preparation don't exactly reflect that fact.
Although the majority of parents expect their kids will attend college, only 57% are actively planning or saving for that time.
Sallie Mae defines "planning" for college as creating a plan to guide the family's saving over the years, and "saving" as the act of actually setting the money aside — and 43% of parents aren't doing either.
"Families who are saving for college and have developed a plan to pay for college have saved, on average, $11,102 ― 46% more than the average amount of $7,611 saved by families without a plan," the report reads.
Many parents aren't saving for college because, strapped for cash, they aren't saving at all — but two-thirds of parents surveyed said they aren't saving for college because they're relying on these alternate sources of funds.
(Excerpt) Read more at businessinsider.com ...
My parents didn’t pay a dime of my college expenses. I had to do it all on my own. Maybe that’s why I busted my rear and took it so seriously.
My parents were well off but did not pay for mine. This should have never become the model. If you do not pay for it you do not value it. Other than the fact the price is totally ridiculous compared to 30+ years ago.
Unless one has first maxed out every other available tax-advantaged savings vehicle, saving for college is counterproductive.
Expect Obama to issue an executive order forgiving all federally guaranteed student loans early in 2016 and dare Congress to stop him. Will Congress step in and overrule him? Likely not. From then on the federal government will be on the hook to pay for college educations for all. Colleges and universities will be free to raise tuitions to any level knowing the feds are covering the bill. A win for the Democrat Party and leftists academics as well as students and families.
However, Congress will be forced to pay for universal college education via spending cuts (unlikely), higher taxes (likely), and increasing deficit spending (likely). More Cloward-Piven coming.
I resent the implication. It ignores the fact that the cost of college education is so completely divorced from the reality of what is reasonable. It, like the healthcare industry, shares the problem of government tampering and distortion of true market forces.
No, parents aren't ready to mortgage their homes to pay overinflated prices so that Liberal Professors can brainwash their kids with crap that no one needs to know, let alone providing any useful benefit as a result.
I believe we need to be pushing towards eliminating the need for these Liberal College professors. We need to dramatically cut the costs of University education by tossing out the need for overpriced instructors.
Texas has the right idea with their $10,000.00 degree program. We conservatives need to be supporting ideas for destroying the Liberal Academic monopoly. We need to be cutting it's throat, not paying it's ever increasing demands!
I was prepared to pay for my kids’ college, and I paid. If I had looked at an 18 y/o planning on drinking, partying, and not learning, or majoring in nonsense, I would no longer have been prepared to pay. America would be much better off if parents thought before sending their kids to college.
It took 36 credits (12 courses) to graduate, taking 3 to 4 per year.
Most people did something similar back in those days when we had a real president. If you graduated with college debt at all, it was generally in the four to low five digit range.
America now has two choices.
1) Don’t send your kids to college.
2) Vote for Bernie Sanders.
Which do YOU think they will choose?
Why does godless, leftist indoctrinations of high-minded ‘learning’ have to be sooooo expensive?
Are the same parents savings and planning for retirement?
RE: Texas has the right idea with their $10,000.00 degree program
How does that work?
I know of a father of three daughters who is paying for their daughters to “learn a trade”. This way they are not dependent on a company’s whims if the economy buckles at any time, rather can “sell” their skill on their own......That does not mean they wouldn’t work for a company...but secures them to go it solo if the nation takes a nose dive.
Not all students in colleges should be in college...it is not meant for every kid regardless of the push it be so.
Although my wife and I helped our kids out with college, they paid for their student loans.
Maybe they aren’t prepared to pay exorbitant prices.
If they don’t pay them, the prices will have to come down.
RE: Are the same parents savings and planning for retirement?
For many middle class Americans, I believe the can only afford doing wither one or the other and not both.
My parents were not well off so I paid for mine 100%, I had no other choice. I’m not sure I could do that today with the costs the way they are.
I knew a half dozen or so people in college with very well off parents whose had the same philosophy and who were paying their own way. They were very serious students.
I don't live in Texas so I don't really know the Details. I just know it is a good idea.
http://www.texastribune.org/2012/07/12/texas-state-university-system-unveils-10000-degree/
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