Only 1/3 of parents have a plan to pay for their kid’s college

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HOUSTON, TX – Are your thoughts of paying for college on the back burner? With a touchy economy, saving money to pay for kids’ tuition just isn’t so easy.

The “How America Saves for College 2013” study says only 1/3 of parents have a plan to pay for their kids’ college.

“The economy has taken a huge toll,” explained John McDonough of the Studemont Group College Funding Solutions. “What people had saved up for college, either the value has decreased because the market hadn’t preformed, or what they had saved for college, they had to dig into.”

This leaves many college bound teens scrambling to find a way to fund their education. But all hope is not lost, even for high school seniors. There are federal and state grants, as well as money from colleges themselves, not to mention scholarships.

“College is not paid for all up front. You have to pay for it semester by semester, so you have 8 chances to reduce the cost of education.”

It’s not just the middle class getting squeezed. New stats show enrollment down across the board in elite schools, like the Ivy League.

So here’s a tip; you can always try the school of hard knocks.