Survey shows parents unprepared for college costs
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.