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529 News
Survey shows parents unprepared for college costs
(October 18, 2006) - A survey of parents and financial administrators by AllianceBernstein Investments suggests that many parents are not fully prepared for future college costs and have unrealistic expectations concerning grants and scholarships. Surveyed parents had household income of more than $50,000 and at least one child expecting to attend college.
Parents of older children (14 to 17) had an average of only $12,000 saved up for college, which would currently cover about one year at a public university and less than one semester at the average private college.
The vast majority of financial aid administrators felt that parents had unrealistic expectations as to the amount of grant money available to their children. About half of parents were spending more each year on vacations than toward college savings.
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