New poll examines how families are saving for college

WASHINGTON — The average cost of in-state tuition plus room and board at a public college is up to $19,548, according to the College Board.

A new survey looks at what families are doing to save money in order to pay that bill.

Kaplan Test Prep and MONEY Magazine surveyed more than 500 parents of college-bound students who are now between 15 and 18 years old.

Here were the findings:

  •  64 percent of parents said their child will work part- or even full-time to help pay;
  •  62 percent said they would take fewer vacations;
  •  60 percent said they’ll save less money for retirement;
  •  27 percent say they or their spouse will take a second job.

Kaplan’s Lee Weiss says there is plenty of scholarship money available, and families should get started early on the task of researching and applying for scholarships.

MONEY’s education editor Greg Daugherty says saving less for retirement in order to focus on your child’s college bills is “worrisome,” because it could lead to a flip-flop situation where parents eventually need support from their kids.






Michelle Basch

Michelle Basch is a reporter and anchor at WTOP.

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