NEW YORK (TheStreet) — Brian Kearney, an associate public relations specialist at New York City-based Blue Fountain Media, considers himself a fortunate young man.
Kearney graduated recently from Rowan University in Glassboro, N.J., with little debt, and he has the good sense to thank his parents for that, although he played a big part too.
"I'm fortunate enough to have parents who were able to pay for my college education, but in an effort to reduce the amount, I finished my last semester of college at my community college," Kearney says. "I took a few general education classes that I needed in order to graduate at my community college, and transferred the credits to Rowan once I completed them."
That move saved $10,000 for his parents. They caught a rare break.
College spending is really starting to catch up with consumers. As some start emphasizing value over huge student loan burdens in sending their kids to college, many are also growing more impatient — even angry — at the soaring rate of tuition.
A Discover study shows that about a quarter of American moms and dads can't afford to pay for any of their kids' college education costs, and the parents willing to help pay anything at all for a child's college education has dropped 6% from 2013 (to 75% from 81%.)
- 48% of parents said they were limiting which college their child attended based on price, an increase from 44% in 2014.
- 44% of college parents said they were more likely to pay for their child's education if they majored in a field with a higher likelihood of employment, an increase from 33% in 2014.
- 54% of college parents said their child is planning to take out student loans, up from half in 2013.
"Parents want their children to earn a college degree; however, paying for that education can be difficult," says Andrew Hopkins, vice president of Discover Student Loans.