{"id":21354,"date":"2023-09-22T16:21:31","date_gmt":"2023-09-22T16:21:31","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/inflation-is-affecting-parents-ability-to-pay-for-education-survey\/"},"modified":"2023-09-22T16:21:50","modified_gmt":"2023-09-22T16:21:50","slug":"inflation-is-affecting-parents-ability-to-pay-for-education-survey","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21354","title":{"rendered":"Inflation is affecting parents’ ability to pay for education: survey"},"content":{"rendered":"
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Amid economic uncertainty, the back-to-school season could have a significant impact on the wallets of American families with children, according to a survey by ScoreSense, a product of One Technologies.<\/p>\n

More than half (67%) of parents said inflation is affecting their ability to pay for their children\u2019s education, school supplies and extracurricular activities, the survey said.\u00a0<\/p>\n

Despite record-high household debt, many American parents expect to take on new debt to cover back-to-school expenses such as supplies, clothing and uniforms. Forty-one percent think they\u2019ll add $100 to $399 in additional debt, according to the survey. And 23% said they expect to carry $400 to $699. On the high end of the spectrum, 4% said they expect to spend $1,000 or more.\u00a0<\/p>\n

And many Americans could be putting this debt on their credit cards. Thirty-eight percent of parents plan to use credit cards to pay for back-to-school supplies and clothing.<\/p>\n

“Regardless of the daily economic headlines, the reality is that inflation continues to challenge many U.S. households,” One Technologies Senior Vice President Carlos Medina said in a statement.\u00a0<\/p>\n

Parents could also be facing stiff school-related expenses outside the classroom. Many parents said they\u2019d struggle to pay for their kids’ private tutoring and extracurricular activities such as sports, music programs and clubs. In fact, 36% of grade school parents said they are tapping into their savings, and 25% said they\u2019re taking on a second job to help fund these costs.<\/p>\n

If you’re struggling with high-interest debt, you could consider paying it down with a personal loan at a lower interest rate, which could lower your monthly payments. Visit Credible to compare options from different lenders without affecting your credit score.<\/p>\n

SUPREME COURT STRIKES DOWN BIDEN’S STUDENT LOAN FORGIVENESS PLAN \u2013 WHAT’S NEXT?<\/u><\/strong><\/p>\n

Inflation is taking a toll on homeschooling<\/strong><\/h2>\n

For parents who provide their children with an education at home, the costs could be troublesome. In particular, 75% of homeschooling parents said inflation is impacting their ability to fund their kids\u2019 education, supplies and extracurricular activities, according to the survey.\u00a0<\/p>\n

In addition, 60% of these parents are significantly more likely to limit their children\u2019s extracurricular activities as opposed to those in public or private schools, One Technologies reported. And almost 48% of homeschool parents say they\u2019re tapping into their savings to help fund their children’s extracurricular activities.<\/p>\n

But the costs of homeschooling can vary widely. The average cost to homeschool can range from $500 to $2,500 per child, per year, according to a post by Tutors.com. Here\u2019s how these costs could break down based on specific factors.\u00a0<\/p>\n