As the cost of college in the U.S. continues to surge, many parents are resorting to drastic financial strategies—including pausing retirement contributions, liquidating investments, and taking second jobs—to spare their children from taking on student debt.
In a survey commissioned by Citizens Bank and conducted by Researchscape, 61% of parents said they need to go beyond traditional college financing options, such as 529 savings plans and federal loans, to bridge the financial gap. Of the 1,000 respondents surveyed, 19% reported taking on a second job, 30% had borrowed against their 401(k) or withdrawn personal funds, and 26% paused investing altogether. Some said they cut back on vacations or major purchases.
