South Fla. Families Expect Kids to Pay for College

Affluent families in South Florida are expecting their children to pay for many of their own college expenses, a new survey reveals.

According to the Sun-Sentinel, the survey found that parents in Broward, Palm Beach, and Miami-Dade counties are counting on their children to pay many college expenses. Even children of affluent South Florida families may have to work their way through college.

A recent survey by investment group Merrill Edge, a division of Bank of America, reveals 49 percent of South Floridians have saved $30,000 or less for their child’s college costs. And 29 percent say they expect those costs to be funded by student loans. Another 18 percent plan to turn to state or federal financial aid.

The survey, reported by the Sun-Sentinel, polled South Florida parents with $50,000 to $250,000 in investable assets.