Nine in ten (92%) parents with a child under age 25 say families should be able to choose from a variety of lenders to finance their children's college education, according to a survey from Ipsos Public Affairs.
Over one-half (54%) of parents say the Federal government should be more involved in regulating student lending, while only 35% say the government should be the sole provider of federal college loans.
Meanwhile, 85% of parents say private-sector lenders should be allowed to offer federal students loans that are competitive with loans offered directly from the Federal government.
Proposed Congressional Legislation
Over one-half (52%) of parents oppose—including 32% who strongly oppose—the legislation in Congress that would change the current student lending system so that only the federal government would offer federal college loans. Some 40% of parents favor the legislation.
Rising College Costs
Most (91%) parents who do not yet have a child in college say it is likely that their child will go on to college.
Overall, parents see a college education as a worthwhile investment:
- 84% say college is even more valuable in light of the economic crisis.
- 62% say the government is taking an active role in helping to make college more accessible.
- 83% worry the cost of college tuition is preventing many young people from having access to a college education.
Despite concerns about rising tuition costs, 58% of parents are confident they will be able to finance their children’s college education, while 37% question their ability to do so.
Other findings:
- 60% of parents say private lenders would offer consumers better customer service than would the government.
- Just one-half (49%) of parents say private lenders are better equipped than the federal government to assist students and their families with loan applications, default prevention, and financial literacy.
About the data: The Ipsos poll was conducted on behalf of the Financial Services Roundtable January 21-31, 2010, from a nationally representative sample of 764 randomly selected US adults with a child under the age of 25.
