Any parent who is planning on sending a child to college in the next ten years is sweating bullets right now. And they are not the only ones. Any adult who has committed to donate money to help a child attend college (think grandparents, rich uncles, and wealthy benefactors) should be very worried about how exactly they’re going to pull off such a miracle. Why? Because the most recent tuition figures for 2012-2013 paint a very scary picture of what tuition rates will look like once that prospective college students graduates high school.

Drawing on data from the College Board and Main Street, we’ve put together this infographic which illustrates why parents are freaking out about paying for their children’s impending college education and how they’re trying to prepare (in vain?):

Infographic-Stress-Pay-for-Tuition


Key Data:

According to a 2013 Main Street survey, 71 percent of adults are worried about how their going to cover the cost of a child’s college education.

Since 1972, college tuition rates have risen by 1100 percent.

To save for college expenses, 53 percent of adults are putting their money in savings accounts, 24 percent in prepaid accounts, 13 percent in life insurance, and 11 percent in Roth IRAs.

Sources:
http://www.prnewswire.com/news-releases/new-survey-71-of-people-helping-pay-for-college-worried-about-financial-burden-217384321.html
http://trends.collegeboard.org/college-pricing/figures-tables/tuition-and-fee-and-room-and-board-charges-over-time-1972-73-through-2012-13-selected-years
http://www.mainstreet.com/article/moneyinvesting/education-planning/5-ways-solve-college-sticker-shock

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