Half of parents admit they have “no idea” how they’re going to afford their kids’ college education, according to new research.

A survey of 500 parents of high school seniors who intend to enroll in a four-year university this fall and 500 parents of current four-year university students unveiled the realistic struggles they face in terms of funding their child’s higher education.

Still, parents are more concerned about their child starting adult life with debt (33%) or carrying that debt through adulthood (29%) than they are about taking on more debt themselves (27%).

According to the survey, conducted by Talker Research on behalf of College Ave, the average parent saved nearly $37,000 ($36,680.50) for their child’s schooling, yet only 32% saved enough to “fully” fund it.

Half (51%) expected to be able to save enough, which may be why 65% were surprised by the actual cost.

On average, parents polled are only able to fund 31% of their child’s college education.
This is especially striking since a majority (82%) agree that a parent should help their child pay for college.

To combat this, many parents of future college students plan to have their child contribute in some way, including getting a job while they’re in school (41%), taking out federal student loans (41%), or working while they’re on break or during the summer (37%).

Almost one in five parents (17%) plan to get a second job to help pay for college, while others will take out federal parent loans or private parent loans as the sole borrower (both 16%).

These approaches mirror those of current college students and their parents.
Zooming in on the loans current college students took out, 21% took out private student loans and 33% took out federal student loans.

Almost three-quarters of parents (72%) are concerned about paying for college while also juggling other financial obligations.

“The survey highlights that paying for college is a ‘team effort’ for most families,” said Dan Kennedy, Chief Marketing Officer, College Ave. “So many financial strategies are used to achieve this next major life stage – everything from savings, the child working, and even loans. The survey highlights how committed families are to investing in a college education.”

The survey also asked parents of current college students for their biggest piece of advice for parents with a child about to start college. One respondent said, “Help them, but also allow them to help themselves. They will benefit from paying for some of their own education.”

Another shared, “Be prepared for all the changes. Mentally and financially. It is a lot at once.” Others emphasized the importance of starting to save money early in your child’s life for school, searching for scholarships and grants, and even teaching your child independence early on.

“Four out of 10 parents polled (41%) feel proud that they’re able to contribute to their child’s school. And, a little more than one in three (36%) underscore that though it’s a sacrifice to help pay for college, it’s one they’re proud to make. Overall, the survey underscores the value parents place on supporting their child’s dreams,” said Kennedy.

Research methodology:

Talker Research surveyed 500 parents of future 4-year college students and 500 parents of current 4-year college students who have access to the internet; the survey was commissioned by College Ave and administered and conducted online by Talker Research between April 30 and May 5, 2026. A link to the questionnaire can be found here.