A recent survey of 500 parents of high school seniors and 500 parents of current four-year university students reveals the challenges families face in funding higher education. Half of the parents admitted they have no idea how they will afford their child’s college education.

Financial Struggles

On average, parents are only able to fund 31% of their child’s college education, with the average parent saving nearly $37,000. However, only 32% of parents saved enough to fully fund their child’s education. Many parents plan to have their child contribute by getting a job, taking out federal student loans, or working during breaks.

Almost one in five parents plan to get a second job to help pay for college, while others will take out federal parent loans or private parent loans. The survey highlights the importance of starting to save money early and exploring options such as scholarships and grants.

Parental Advice

Parents of current college students offered advice to those with children about to start college, including helping their child while also allowing them to help themselves and being prepared for the changes that come with college life.

Original reporting: KTBS 3 (Shreveport) — read the source article.