Half of Parents Can't Afford College

What's in your wallet?
A whopping 47 percent of U.S. parents can't afford to put their kids through college, according to results of a poll released today by consumer finance site Bankrate. Of the more than 1,000 parents surveyed, eighty six percent of parents expect their children to go to college, and about 40 percent said they'd get a second job to help make it happen.

I must admit, we have blown off college savings for the moment because we're too busy scrambling to pay rent in 2007 Los Angeles (need I say more). I guess that can't be an excuse forever, but I suspect a lot of parents in this area are struggling enough with retirement savings, let alone squirreling money away for higher education.

Bankrate's advice? Work the scholarship system and try to get a free ride.