Paying for college is top priority for parents

Is College Worth It? Pew Survey:

In the eyes of parents, being able to pay for their children’s college education is just as important as being able to own a home or live comfortably in retirement. And it’s more important than being able to leave an inheritance to their children....

A parent’s own educational background does not have a significant impact on the importance they place on being able to provide for their children’s educational needs. Parents who never attended college are just as likely as those who earned a four-year college degree to say being able to pay for their children’s college education is extremely important.

The vast majority of parents expect that their children will pursue a college education. Among those with one or more children under age 18, 94% expect at least one of their children will go to college. There are no significant differences across racial or ethnic groups—white, black and Hispanic parents are equally likely to think their children will go to college. In addition, there is very little variance across income groups. While 99% of parents with annual household incomes of $75,000 or higher think their children will go to college, 93% of those with incomes between $30,000 and $74,999 say the same, as do 91% of those making less than $30,000 a year. Again, parents’ own educational experience does not seem to influence the aspirations they have for their children. Parents who did not graduate from college (93%) are just as likely as college graduates (97%) to say their children will go to college.

The most surprising part of these results was that parents across the board have high expectations that their children will attend college.  However, these expectations are unrealistic according to the ACT study that found only 24% of high school graduates are prepared to do college-level work.  Colleges are adjusting, with 36% of first-year students taking at least one remedial class.  Meanwhile, high student loan default rates and graduation rates of under 50% suggest going to college is not the right path for everyone.

In a future post I'll address the issue of how many parents have actually started saving for college. 

(Cross posted at Kitchen Table Math )