The 2018
This year's data shows areas in which the two groups differed:
- While the average dollar amount saved by parents was nearly double that of prospective students (
$12,938 for parents,$7,801 for students), the amount students are saving grew by 17 percent (from$6,678 in 2017 to$7,801 in 2018) – as parents' savings declined by 12 percent (from$14,690 to$12,938 ). Four in ten students and parents have saved nothing for college. - Students believed they would pay for college equally with their parents (30 percent each, with the balance from other sources); however, parents said they'd contribute nearly twice as much as their kids (40 percent to students' 23 percent).
- Both groups considerably underestimated the cost of college, but students were slightly farther off the mark, with students estimating the cost at
$15,200 compared to their parents who estimated$15,733 . The average tuition, fees, room and board charges are$20,770 for in-state students at public universities according to theCollege Board .
Parents and students did agree in one area: confidence in the student's ability to finish college without withdrawing. Parents showed a significant decrease from last year with only 51 percent of parents surveyed very confident in their children's ability to finish college without permanently withdrawing, down from 57 percent. Students continue to worry about their ability to finish school with only 54 percent 'very confident' about finishing, slightly up from last year's 52 percent.
Though both parents and students overwhelmingly agreed "family emergency" is the top cause of potential withdrawal from college (82 percent and 93 percent, respectively) there are considerable differences in perception of the impact of specific events:
- "Unexpected change in finances" was cited by 76 percent of students, but only 57 percent of parents;
- "Mental health condition of a student" by 68 percent of students but 42 percent of parents; and
- "Death of a parent" by 64 percent students, 44 percent of parents.
"Uncertainty is a dominant theme surrounding all aspects of preparing for, financing and completing college, but clearly parents and students have differing issues of greatest concern," said
To learn more about
Methodology: These are some of the findings of an Ipsos poll conducted on behalf of
Allianz Tuition Insurance* protects both in-state and out-of-state non-refundable college tuition in the event that a student withdraws from school for reasons that include covered illness, injury or psychological/mental disorders. One insurance plan will even provide coverage for almost any unforeseen reason that may cause a student to leave school.
*Terms, conditions, and exclusions apply. All plans not available in all states. Coverage and limits vary by plan selected. Depending on plan selected, withdrawal due to psychological/mental health disorders may be covered up to between 80%-100% of covered loss, subject to plan's maximum coverage limit. For plans that include Unforeseen Reason coverage, withdrawals under this coverage may be covered up to 50% of covered loss, subject to plan's maximum coverage limit. For a complete description of the coverage and specific benefit limits offered under your plan, carefully review your declarations page and insurance policy. Plans are only available to
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