Easing the Burden of Educational Funding
Although a college education is one of the key differences in breaking the cycle of poverty, it has become increasingly more difficult to afford. This is especially true for single-parent families.
• Approximately 50% of marriages end in divorce, resulting in many single parents working hard to raise a family while trying to make ends meet.
• There were 3.8 million single-parent families in 1970 and 11.6 million in 2009. In 2009, 85% of those families were single mothers.1
• Savings rate for college education is minimal in the United States as 65% of parents have saved less than $5K for their children’s education.2
• The amount of debt that college graduates (or their parent) incur is tremendous. Of those incurring education-related debt, 39% expect it will take them more than 10 years to pay off their loans.3
• North Carolina Poverty – 35% of female-headed households are poor; 43.2% hover just above the poverty line.4
• 38.2% of NC residents with a high school degree or less are poor; 53.1% are near-poor (125% of poverty).4
1 U.S. Census, Table FM-2, all Parent/Child Situations by Type, Race, and Hispanic origin of Householder, 1970 to 2009
2 College Savings Foundation – 2008 Survey of Parents
3 “The College Debt Crunch” Survey by Alliance Bernstein in 2006
4 Source: UNC Center on Poverty, Work, and Opportunity Presentation (4/242/09); Census Bureau 2005-2007 American Community Survey 3-Year Estimates