For Parents, Back to School Brings Financial Concerns

By Catherine Groux
Posted August 27, 2012 12:00 PM

Many parents are stressed about the cost of college.
Many parents are stressed about the cost of college.
A majority of parents are excited to send their children off to college, knowing that earning an associate's or bachelor's degree is a major investment in their future. However, according to a new survey by Sallie Mae, as September approaches, many parents are also nervous.

In an online survey of more than 500 parents of high school seniors, about 30% of adults said they are anxious about sending their children to college, while 28% are nervous and 20% are stressed. However, this is not simply the result of "empty-nest syndrome." A majority of these parents said the most difficult part of sending their children to college has been figuring out how to pay for it.

Although studies show students are paying a larger share of their college bills than ever before, the average parent still covers about 37% of the cost, according to Sallie Mae. These adults get a majority of this money from income and savings, while many also turn to loans to help their children afford the rising cost of higher education.

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