This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Survey: 71% Of People Helping Pay For College Worried About Financial Burden

NEW YORK, July 29, 2013 /PRNewswire/ -- School might be out for summer, but a new nationwide survey conducted for TheStreet's (NASDAQ: TST) MainStreet by GfK North America 1 finds that one in three adults are currently helping or planning to help pay for a child's higher education, and that 71% of them are worried about how they will cover the cost.

(Photo: )

(Logo: )

The survey also shows that of those saving:
  • 79% are parents, 10% are grandparents, 4% are aunts/uncles
  • 53% are using a savings account, 31% are using some type of investments, 24% are using a 529 savings plan or prepaid tuition plan, 14% are using life insurance, 11% are using a Roth IRA
  • Those with an income of over $75,000 (25%) are more likely to use 529 plans than those with an income under $75,000 (11%)
  • On average, they are saving $6,850 annually towards college

"MainStreet's new survey shows that those saving for their children's or grandchildren's college education are spooked, and who can blame them?" said Ross Kenneth Urken, TheStreet Personal Finance Editor and MainStreet Editor. "The real challenge is for these people to figure how to face the increasing severity of the student debt crisis by either saving more or finding less expensive options when it comes time to pick a school."

For those worried about the financial burden of higher education, MainStreet offers the following outside-the-box savings options to avoid getting saddled with debt:
  • Think In-State: Great schools like the University of Virginia only cost $12,000 for those in-state and in certain parts of the country, states have grouped together to form "academic common markets." To get access to a particular dream school at "in-state" prices, you don't need to be in-state.
  • Go to a public institution or start at a two-year school: New York University is the most expensive private school  (with an annual price-tag of $60,407), but according to the National Center for Educational Statistics, the annual price for public colleges is more than $18,000 less than the average price of private ones.
  • Go over the border: Scotland's St. Andrews and the University of Edinburgh—not to mention Trinity in Dublin Ireland—are prestigious institutions at a fraction of the cost of American private schools. To boot, McGill University and Concordia University in Montreal are 3/5 the cost of tuition at comparable private institutions in the U.S.
  • Go with an MOOC (a massive online open course): MOOCs first appeared on the higher education landscape in 2008 but gained traction when top universities endorsed them and provided access to their courses. The popular providers of MOOCs include Coursera, Udacity, edX and NovoEd.  You can get a top education without paying $50,000 a year. The legitimacy is ever expanding: the American Council on Education recently approved five Coursera courses for degree credit.
  • Get Crafty: The Department of Education College Affordability and Transparency Center generates reports based on your selected criteria and reveals the lowest-priced tuition in the U.S. is only $910 at the private Berea College in Kentucky, and somehow almost half that ($430) at that lowest-priced public school: Haskell Indian Nations University in Kansas. It may not be Harvard, but with tuition that low, you will put less stress on your savings.

The full story from MainStreet is available online.

About the Survey Results contained in this report are based on a Roper poll by GfK North America. Telephone interviews were conducted from July 12-15, 2013 among a total of 1,004 adult Americans. The margin of error for this study is +/- 3 percentage points for the total sample.

About TheStreet TheStreet, Inc. ( is the leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide.  The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and Rate-Watch. To learn more, visit  The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control.  To learn more, visit

1 Roper poll by GfK North America, July 2013

CONTACT:   Emily Schneider 212.321.5521

SOURCE TheStreet, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.89 -49.97 -0.29%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,796.6090 -42.0340 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs