Even with the trillion-dollar student debt bubble ready to pop and college expenses soaring, a promising new survey shows teens aren’t ready to give up on funding their education just yet.”Today’s high school students are tackling the escalating costs of college by saving and becoming more educated about their costs and choices,” said Roger Michaud, chairman of the College Savings Foundation.
For the last two years, CSF has asked more than 500 16- and 17-year-olds across the country how they’re planning to pull it off.
All that student loan drama has them spooked: The number of students planning to borrow funds for college has dropped 7%
They're making sacrifices, too: Students were 10% more likely to forgo vacations and shopping trips to shore up their savings
But those who will take out loans plan to borrow more: 77% said they'd need loans to cover at least a quarter of tuition versus 71% last year
But they're ready for the long haul: 60% expect to pay off loans for as long as 10 years after graduating, up from 52% last year
That could be because parents are taking the reins: Nearly twice as many (29%) have invested in 529 College Savings Plans as of last year (17%).
57% of parent savers have saved over $5,000, up from 47% last year