Fifty Percent of Parents With College Bound Children Have Saved Less Than $15,000 for Their Child’s Education
Fifty-five percent of parents believe their ability to pay for college has not improved over last year; fears of uncertainty and potential recession drive financial concern for parents
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The survey found 66% of parents with kids aged 16-18 planning to go to college are worried about paying for their child’s education. Of parents worried about paying for college, 55% are concerned about rising tuition while nearly half say inflation is straining their savings (42%) and 28% noted that fears of an impending recession caused them concern about paying for college, up 14 percentage points from last year.
“As families are faced with rising costs, we encourage them to have conversations with their students about paying for college early on,” said
Most families have not saved enough for college and half of families believe their ability to pay for college has not improved.
Results from the survey find that most families have not saved enough for college. Half of parents have
In 2022, 55% of parents surveyed believe their ability to pay for college has not improved since this time last year.
Of parents planning to help pay for their child’s college, 41% aim to take out student loans, and 43% will dip into their savings. The number of parents intending to fund their child's education through scholarships increased 7 percentage points from 2021 to 2022, to 54%.
“Searching for and applying for scholarships is a critical part of the college application process as they can help reduce the cost of college and do not need to be repaid. There are a number of scholarship opportunities and tools available online, such as the Discover scholarship tool, which can help families filter and search for scholarships to apply for,” said Finn.
For more information on free college planning tools and resources from Discover Student Loans, visit https://www.discover.com/student-loans/college-planning?acmpgn=O_ANN_SURV_BM_P_2022.
About the Survey
All figures, unless otherwise stated, are from a Dynata (formerly Research Now/SSI) survey conducted on behalf of