Parents are often the first people college students go to when they're strapped for cash, particularly when it comes to tuition costs. But according to a new study, students might have to start thinking twice.
The study, released last week, says parents in the United States are not very confident about saving for their child's college education.
The report, released by Alliance Bernstein Financial, said three-quarters of the nearly 1,400 parents surveyed are worried about saving money for college, while only one-fourth say they are "very likely" to be able to save enough.
Sara Goldrick-Rab, University of Wisconsin associate professor for educational policy studies and sociology, said in an e-mail to The Badger Herald that the study is too small, and more accurate data should be obtained by institutions like the College Board.
According to a College Board report "Trends in Student Aid," participation in college savings plans continues to grow in the United States, just as tuition and financial aid are increasing at the same time.
Sandy Cechvala, assistant director of the UW office of financial aid, said their office likes to see parents play a role in education planning.
"Parents need to be highly involved in helping their children's expenses for college," Cechvala said, and the Alliance Bernstein study concurred, as it found that 95 percent of parents plan to cover at least some of their children's education.
The study also says that according to financial administrations, the biggest problems parents face are creating a savings plan, dealing with priorities other than higher education and beginning to save early enough.
Once students get to college, Cechvala said, many of them find themselves needing to work for extra cash, which can take away from their study time.
"I think students for the most part would want to do all they can to put themselves through school," she added. "A lot of our students work part time or a little more than they should."
But despite the added efforts, Cechvala said there's really no way to get around the high cost of tuition today, and because of that, students have to make some tough decisions.
"Sometimes students have to make hard choices — like not taking a full course load," she said. "If a student wants to go to school full time, how much do they want to borrow?"
Cechvala said the more students rely on their parents before high school, particularly those from middle- to upper-class income levels, the more they may rely on them through college as well.
"I think if the students get adjusted to a certain lifestyle when they live with their parents, and if they're to maintain that lifestyle, they're certainly going to depend on their parents," she said.
