A recent survey of over 1,000 parents of K-12 students found that 89% feel financial pressure from school costs, with 39% feeling it most before school even starts. This pressure leads many parents to seek financing to cover school costs, resulting in 60% of parents carrying school-related debt.

Causes of School-Related Debt

The survey, conducted by Centiment for Accredited Debt Relief, found that 53% of parents rely on financing more now than they did three years ago, with 26% saying they rely on it significantly more. Clothing and shoes are the most burdensome expenses for 37% of parents, followed by electronics for 25%.

Among parents earning $80,000 or more, 60% carry an active school-related debt balance. The numbers indicate that school costs have grown in both size and scope, driving many parents into a cycle of debt.

Consequences of School-Related Debt

Paying off school debt quickly is the exception, with only 23% of parents clearing their school-related charges in the same month. Nearly two-thirds of parents who finance school costs pay over time, stretching anywhere from one month to more than 12 months, with interest accruing the longer it takes.

More than half of parents (54%) are still paying off school debt when the holiday shopping season begins, and 25% say they pay off back-to-school expenses through the holidays most years. This cycle of debt can affect a household’s entire financial picture, with 76% of parents saying school-related costs have led to at least one financial trade-off.

Original reporting: KRDO (Colorado Springs metro) — read the source article.