Posted by Kristin Oberlander - Colleges and universities have been welcoming students back this fall in full force. Thirty-seven percent of self-employed families have a child that is working toward a degree this fall. The National Association for the Self-Employed (NASE) knows that financing one or more college educations can be tough for the small-business owner and conducted a poll to dig deeper into the impact.
When parents were asked about how concerned they were about the debt taken on to cover education expenses, 71% were somewhat to very concerned. Forty-two percent of parents were somewhat optimistic about post-graduation career prospects; thirty-four percent were very optimistic.
During the selection process, the cost of tuition and room and board was a determining factor for 55% of families as to whether their child would attend any particular college. Thirty-seven percent said those costs were part of the decision, but prestige and reputation of the institution was of larger importance.
The top financial instruments used to finance the education includes scholarships (66%), personal savings (61%), grants and student loans (both 47%) and a specific college savings account (40%). Sixty percent of parents expected their child to contribute up to half of the overall expense of a college education.
See the full survey in the NASE Survey Results section
here.