The Middle Class Are Losing Their Faith In College Education
By Mandi Woodruff @ Business Insider
Citing rising tuition costs and a poor job market, 20 percent of middle class parents say they don’t consider a college education to be a worthy investment.
The finding was cited in the latest Merill Edge Report, a semi-annual survey that looks at financial concerns among American adults earning $50,000 to $250,000 per year.
“Parents continue to financially support their children’s education, yet 40 percent of the [middle class] express concern over the rising cost of college,” the report says.
It’s no wonder they’re worried. More than half of middle class families plan on dipping into their own savings to fund their childrens’ college education, and an increasing number of parents have found their finances tangled up in the ongoing student loan crisis.
Of course, much of college graduates’ success depends on what area of study they pursue.
“The return on the college investment is driven by the institution a student attends, the degree they earn, and their field of study,” Mark Schneider of the American Institute for Research told BI. “As college has become a mass product, there are a lot more students attending schools with lower [returns on investment].”