Most Illinoisans believe college education is essential, according to a recent survey by COUNTRY Financial®. The majority (86 percent) said a college education is critical when applying for jobs. But the cost of college is unattainable for many – 35 percent of Illinoisans who responded said they have not been able to save for their education or their children’s education. However, more than half of Illinoisans (54 percent) are willing to go into debt to pay for their own or their child’s college education. In fact, nearly two in 10 (18 percent) of Illinoisans would take on between $25,000 and $40,000. Zach Youngblood, Financial Representative at COUNTRY Financial, reminds parents that even though paying for their child’s college education is a priority, don’t let it get in the way of saving for retirement.
“I think every parent wants to provide the best quality education for their children. However, I remind my clients early and often that they can borrow for college but they can’t borrow for retirement. It’s hard to walk into a bank, retired at 65 and ask for a loan to retire,” said Youngblood. Parents who have been able to put money away for their kids’ college education still don’t think it will be enough to cover the full cost. In fact, more than half (54 percent) said they anticipate it will cover, or that they were able to cover, 60 percent or less of the expenses. “One of the easiest ways to save on tuition costs is to take your first two years of general education classes at a community college,” said Youngblood. “This can allow the student to work as well as find out if they even like college enough to continue.  Many students go into college having no idea what they want to study anyway.”