The survey did not separate out single-parent households.
The survey also showed 70 percent of students and parents said they did not consider the student’s expected post-graduation income as a factor in their borrowing decisions.
This past May, Sallie Mae, which manages nearly $172 billion in education loans, and Gallup conducted a study of 1,404 undergraduates and parents to investigate “How America Pays for College.” The survey, which was conducted as telephone interviews, was really a look back on the past year, not a projection into the future. Researchers say they will utilize this initial data as a baseline for future surveys, which they anticipate conducting annually for the foreseeable future.
“Our goal is to foster a national dialogue about how best to help American families maximize the benefits of higher education,” said Tom Joyce, senior vice president of Sallie Mae.
“We recently launched the Education Investment Planner, a free online comprehensive tool that enables families to estimate the total cost of a college degree, build a customized plan to pay for college and estimate the salary a graduate would need to keep repayment of student loans manageable,” he added.
“You need a lifetime of planning,” said Joyce. “This is a significant life cost. The old model of how to plan for this probably no longer applies.”
The complete survey can be found and downloaded at www.SallieMae.com/howAmericapays.
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