(WKTV) - A recent survey released by Sallie Mae and Gallup indicates that 60% of the parents polled say they are on track to save on average $48,367 by the time their child turns 18, the survey found. This may sound unrealistic to parents who have been hit hard by tough economic times and are struggling week to week.
Even that seemingly comfortable nest egg, if it exists, may still leave those same parents scrambling for additional monetary resources. 48 grand will get you two years at a state school like one in the SUNY system in New York, but won't pay for a year at a private school like Cornell or NYU.
Parents relying on financial aid or scholarships to make up the difference may get a reality check. As colleges feel the pinch too, increased financial restrictions and high merit standards can direct the bulk of the monies to the very poor or the very smart. This can leave the above average student from the middle class family frustrated and empty-handed.
What are your thoughts on financing a college education?