10/22/2013 - Poll: One-third of adults helping kids pay for college
Higher education costs have long been expensive, and a recent survey shows the lengths many families have to go today in order to cover these costs.
According to research firm GfK North America, which conducted a poll on behalf of financial media company TheStreet, approximately 33% of adults are either currently helping or planning to assist their kids with the tuition and student fees that accompany college.
Ross Kenneth Urken, finance editor for the New York City-based business news periodical, indicated that many of these individuals aren't sure how they will be able to finance the cost.
"[Our] new survey shows that those saving for their children's or grandchildren's college education are spooked, and who can blame them?" said Urken. "The real challenge is for these people to figure how to face the increasing severity of the student debt crisis by either saving more or finding less expensive options when it comes time to pick a school."
To avoid significant debt problems, Urken suggested that it may be wise to start school at a two-year institution or remain local to take advantage of in-state tuition fees, which tend to be less expensive.
Insurance experts additionally point to the auto insurance savings that can be taken advantage of. By maintaining a certain grade point average, policyholders can often shave off some of what they pay in premiums.