Note to editors: Kaplan is a subsidiary of The Graham Holdings Company (NYSE: GHC)
Press Contacts: Russell Schaffer, russell.schaffer@kaplan.com, 212.453.7538
Twitter @KapTestNews, @KaplanSATACT
New York, NY (November 18, 2015) — Families are cutting back on vacations, setting aside less for retirement and holding off on car upgrades in order to afford their kids’ future college costs, according to a new survey by Kaplan Test Prep and MONEY magazine of 539 parents of prospective college students. Among the ways parents plan to budget for this pending investment in higher education:
“Parents understand that their children’s education is one of the most important investments they can make, but for most families, covering that kind of cost requires years of planning, as well as financial sacrifices,” said Lee Weiss, vice president of college admissions, Kaplan Test Prep. “We encourage parents and their children to be as honest and open as possible about how they plan to cover college costs, which may help them avoid unpleasant surprises and sticker shock by the time senior year comes around. We also encourage families to set aside time and focus early on looking into scholarships, as there’s a lot of scholarship money available for those who put in the effort to earn it.”
“The fact that a majority of parents say they’ll be saving less for retirement because of their kids’ college costs is pretty worrisome,” said Greg Daugherty, education editor at MONEY. “They may be acting nobly, but the decision could come back to haunt them when it’s time to retire. It could haunt the kids, too, if they end up having to help support their parents.”
New data shows that college costs are continuing their upward trajectory. The average sticker price at an in-state public college is $19,548, including tuition and fees and room and board and average private college tuition stands at $43,921.
For more information on how to choose a great school that’s affordable for your family, plus smart ways to save, invest, and pay for it, check out the new MONEY College Planner: money.com/colleges
To view a 30-second, animated video about the survey results, please visit http://bit.ly/1luFgiS.
For more information about Kaplan and MONEY’s survey, contact Russell Schaffer at 212.453.7538 or russell.schaffer@kaplan.com.
*The Kaplan/MONEY magazine e-survey was conducted in October 2015 and includes responses from 539 parents of prospective college students, between the ages of 15 and 18.
About Kaplan Test Prep
Kaplan Test Prep (www.kaptest.com) is a premier provider of educational and career services for individuals, schools and businesses. Established in 1938, Kaplan is the world leader in the test prep industry. With a comprehensive menu of online offerings as well as a complete array of print books and digital products, Kaplan offers preparation for more than 90 standardized tests, including entrance exams for secondary school, college and graduate school, as well as professional licensing exams for attorneys, physicians and nurses. Kaplan also provides private tutoring and graduate admissions consulting services. Additionally, Kaplan operates new economy skills training (NEST) bootcamps designed to provide immersive training in skills that are in high demand in today’s job market and prepare participants for hire.
About MONEY
MONEY (www.money.com), published by Time Inc., is America’s leading source of personal finance advice, with a readership of nearly 7 million. Among its popular features is “The Best Colleges for Your Money,” an annual list of four-year schools that deliver great value, published each August in print and online. To expand its college coverage, MONEY recently launched the MONEY College Planner, a special website devoted to helping parents choose the best schools for their students and their wallets, along with expert advice on saving, investing, borrowing, and paying for college.
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Note to editors: Kaplan is a subsidiary of The Graham Holdings Company (NYSE: GHC)
Press Contacts: Russell Schaffer, russell.schaffer@kaplan.com, 212.453.7538
Twitter @KapTestNews, @KaplanSATACT
New York, NY (November 10, 2015) — With the cost of college a hot-button issue in the political arena, a variety of proposed remedies have been floated by regulators, legislators and advocacy groups– but what do those who are most directly impacted think? A new survey from Kaplan Test Prep and MONEY magazine of parents of prospective college students finds mixed support for many of these proposals*:
A new report shows that the average sticker price at an in-state public college is $19,548, including tuition and fees and room and board, $617 more than last year. Average private college tuition stands at $43,921, up $1,476 from last year.
“As this survey confirms, parents are looking to political leaders for real solutions to the problem of high college costs, not just glib proposals,” said Greg Daugherty, education editor at MONEY. “At the same time, we’re seeing parents holding colleges more accountable for delivering value for the money. These are both very encouraging trends.”
“While we’ve heard a lot of policy proposals during this campaign season, our survey results find that no one approach has caught fire with families,” said Lee Weiss, vice president of college admissions programs, Kaplan Test Prep. “While the not-so-bad news is that this year’s tuition increase is the lowest since the 1970s, government data show that tuition costs have outpaced inflation rate for years. Every generation of parents wants their kids to do better than they did and a policy redress on college costs is an important place to start.”
For more information on picking out the right college, try out MONEY’S College Planner: https://best-colleges.time.com/money/search-colleges#/filter
For more information about Kaplan and MONEY’s survey, contact Russell Schaffer at 212.453.7538 or russell.schaffer@kaplan.com.
*The Kaplan/MONEY magazine e-survey was conducted in October 2015 and includes responses from 536 parents of prospective college students.
About Kaplan Test Prep
Kaplan Test Prep (www.kaptest.com) is a premier provider of educational and career services for individuals, schools and businesses. Established in 1938, Kaplan is the world leader in the test prep industry. With a comprehensive menu of online offerings as well as a complete array of print books and digital products, Kaplan offers preparation for more than 90 standardized tests, including entrance exams for secondary school, college and graduate school, as well as professional licensing exams for attorneys, physicians and nurses. Kaplan also provides private tutoring and graduate admissions consulting services. Additionally, Kaplan operates new economy skills training (NEST) bootcamps designed to provide immersive training in skills that are in high demand in today’s job market and prepare participants for hire.
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