2013: American parents basically can no longer afford to send their kids to college

CBS News Contributor
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College costs have been soaring, and a study out Tuesday shows that parents are not picking much of the tab as they used to. In 2010, they funded 36 percent; now it’s more like 27 percent.

Jessica Phan will be a freshman at the University of California, Irvine. Her grades and need got her a state grant that will cover more than 90 percent of the $15,000 tuition.

Asked how much of a factor was cost in searching for colleges, Phan replied: “It was the biggest factor, actually. I was actually going to apply to a bunch of private schools, but I didn’t apply to any because my mom could not afford them anymore.”

Full story: Study: Parents are funding less of their kids’ college tuition