Has the recession had a negative impact on families' view of college? Record college enrollment in 2009 suggests no, and a new survey of parents backs that up, as well. Oppenheimer Funds conducted a survey asking parents of pre-college-age children whether they view college as important for their kids and how they plan to pay for school and recently shared the results in The Chronicle of Higher Education. The survey focused especially on saving for college-not surprising, since Oppenheimer Funds is heavily involved in college savings plans. The more than 1,000 parents overwhelmingly responded that they view attending college as a must for their children. Eight out of ten say it's very important for their children to earn a college degree, despite barely half of respondents saying their own parents wanted the same for them. An even larger proportion, 90 percent, stated the belief that sending their children to college was an essential part of the "American dream." Hispanic families had an even more positive response, with 95 percent regarding college as essential for their children's success. Most families still believe that college is within reach for students who want to attend, even after the effects of skyrocketing college costs and the economic downturn. However, more than half believe that it's less accessible than it used to be, and nearly two-thirds expressed concerns about the pace of tuition increases eventually pricing out many families. In the meantime, the parents surveyed planned largely to pay tuition themselves, often with the aid of scholarship money. While over 60 percent had less than $10,000 tucked into a 529 plan or similar college savings account at the time, 80 percent of parents said they hoped to cover at least half of their children's college costs. Parents also overwhelmingly wanted to avoid debt for their children, with half hoping their kids could take out less than $10,000 in student loans.
But college savings accounts took a sharp downward turn in the recession and while private loan borrowing is down, overall student loan debt has largely been on the rise (the average amount borrowed by college graduates currently sits at over $20,000). Given this, parents of high school students, as well as the students themselves, may want to focus their efforts on finding scholarships. Our free college scholarship search can help-parents or students can complete a profile to learn about scholarship opportunities they can apply for early or late in high school.
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