Half say their child is receiving less than $5,000 in annual financial aid from their chosen college.
Parents are also underestimating how long it will take to pay back student loans, and they are placing their own financial futures at risk because of it, says Nitro. Sixty-seven percent of the parents say they are planning to pay their student’s loans. They feel it will take an average of 10.6 years to do so. While the standard repayment plan for federal student loans require debt to be repaid in 10 years, research shows that the average undergraduate degree holder takes 21 years to repay his or her loans.
More information on Nitro and the scholarship is avaiable here.