Fifty Percent of Parents With College Bound Children Have Saved Less Than $15,000 for Their Child’s Education
23 Junho 2022 - 7:01AM
Business Wire
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
A national survey from Discover Student Loans revealed the
volatile economy and rising inflation has put even more strain on
families trying to pay for college.
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Source: Discover Student Loans Survey
2022
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 Rich Finn, vice president of Discover Student
Loans. “Free tools like My College Plan help families compare
college costs, check out possible careers and earnings of college
majors to determine the potential cost and return on investment for
their student’s college education.”
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 $15,000 or less saved for
their child’s education and nearly a third of parents (32%) feel
they did not start saving early enough.
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 Discover
Financial Services. The survey was conducted online and fielded by
Dynata with a total sample size of 1,000 parents of children ages
16-18 who plan on attending college or trade school. The margin of
sampling error was 3 percentage points with a +/-5 percent level of
confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover® card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
loans, checking and savings accounts and certificates of deposit
through its banking business. It operates the Discover Global
Network® comprised of Discover Network, with millions of merchants
and cash access locations; PULSE®, one of the nation's leading
ATM/debit networks; and Diners Club International®, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
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version on businesswire.com: https://www.businesswire.com/news/home/20220623005289/en/
Media Contact: Robert Weiss Discover
robertweiss@discover.com 224-405-6304 @Discover_News
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