Despite Increased Efforts, Families Still Struggle To Pay for College
College is expensive. And with rising tuition rates not expected to plateau anytime soon, a greater number of households are turning to student loans to help fund higher education.
However, this doesn’t mean families aren’t making a greater effort to get ahead and reduce the inevitable student debt burden their children face. According to a recent survey from Fidelity, more than 69 percent of parents with children 18 years of age or younger have already started putting money away for educational purposes.
But despite these efforts, the survey found that the average household expects to cover roughly 62 percent of their children’s college bills, while the remaining 38 percent will be covered by student loans. This was an increase from the 57 percent who shared a similar sentiment when the survey was conducted in 2012.
Collegedata.com reported that the average cost of for an in-state public college will reach roughly $22,000 this coming academic year, while a private education comes with a price tag closer to $43,000 annually.
Taking on student loans can be financially troubling for a college graduate, especially in a still-recovering job market. For this reason, these individuals should utilize debt management services to ensure financial success in the future.
April Lewis-Parks has more than 15 years of experience in the financial sector, she is a certified financial counselor, and a consumer affairs advocate. As the director of education and public relations for Consolidated Credit she is dedicated to generating awareness about personal finance issues and acts as their consumer affairs advocate. As host the of MissMoneyBee.com, she promotes financial education and offers timely and informative personal finance articles to educate the public. April’s promotional efforts can be seen in past issues of the New York Times, Washington Post, Newsday, Consumer Reports, the Business Journals, Money Magazine, Glamour, Cosmopolitan, Family Circle, among others. Connect with April on Google+ .