Many Parents of College-Bound Kids Still Paying Off Own Student Loans
Student loans can be a financial burden that may cripple families for years to come.
A recent study by Barnes & Noble College Insights on behalf of College Ave Student Loans found that 44% of the families paying for their child’s college tuition were also still paying off their own student loans.
Nearly all parents (99%) help pay for college tuition in some way. While the level of contribution varies by family, the added pressure of college expenses definitely impacts financial decisions.
Nearly one in three (32%) parents say they use a credit card more often because of their college-related payments. And 74% of the respondents say they have put off a major purchase, such as a car or vacation, to pay for education.
Almost half of the parents surveyed (47%) said that college expenses will cause them retire later than expected. The average length of extended work was three to seven years.
Discover Student Loans conducted a similar study earlier this year, with 31% of parents predicting a delayed retirement.