Push Comes to Shove: More American Parents Would Like Uncle Sam to Regulate College Costs

Barry Lenson

Push Comes to Shove: More American Parents Would Like Uncle Sam to Regulate College Costs

soaring college costs and how families are copingHow are American families coping with soaring college costs?

According to the 2010 Parents Survey conducted by the nonprofit College Savings Foundation, they are dealing with the problem by becoming more responsible. But they would also like the government to step in and help.

Here’s a summary of what the survey of nearly 800 American parents found . . .

  • More parents are saving to pay for college. In fact, 65 percent of parents in the 2010 survey report that they are now saving for their children’s college education. That’s up from 59 percent in 2009. And the number of parents who aren’t saving at all fell to 35 percent in 2010, down from 41 percent in 2009.
  • Parents are teaching “financial literacy” to their children. And 90 percent of respondents believe that public schools should teach students to be financially literate too.
  • More parents expect to pay their children’s college expenses. In fact, 40 percent of parents do not expect their children to finance their own college costs, up from 32 percent in 2009.
  • More parents are taking loans to pay for college, and fewer expect their children to do so. In 2009, 47 percent of parents expected their kids to take loans to pay for college. This year, that percentage fell to 42 percent. Also, the number of parents who said that they are planning to take loans themselves increased from 11 to 14 percent.
  • Parents who have set up 529 plans are more successful in paying for college than parents without them. For detailed statistics, CLICK HERE to review the survey results online.

But parents want Uncle Sam to step in too . . .

And here’s a bit of a bombshell. In this year’ survey, 26 percent of parents stated that they would like government to step in and regulate college costs. That’s up from 19 percent last year.

In a time when many Americans seem to want less government regulation and intrusion in their lives, that’s pretty remarkable, don’t you think? Why not take a moment and let us know by posting a comment.

 

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