Fifty-eight percent of parents don’t have a college education fund established for their children, according to a new survey.
The survey, by online financial planning service SimpliFi, found that 62 percent of the parents surveyed expect their children to share the responsibility of paying for their education. Sixty percent of the parents polled said they plan to pay for college in cash, while 13 percent are willing to take out loans. Only 10 percent intend to use financial aid.
Eight percent of the parents surveyed say they are planning to pay for college through scholarships, either academic or athletic.
However, 22 percent of the parents in the survey said they are willing to pay for as many years of college as it takes for their children to graduate.
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