Survey: Americans Give Higher Priority to Retirement Savings than to College Savings

Forty two percent of the survey respondents say that $20,000 or greater is too much student loan debt. This is 9% more than the 31% who provided the same answer in 2011.

By comparison, half of Americans say that less than $20,000 in student loan debt is too much. This represents a 9% decline compared to the 61% who answered similarly in 2011.

The survey attributes the greater percentage of Americans this year versus last who are prepared to accept higher loan amounts to the 62% of respondents who "prioritized the quality of the education over the cost when evaluating colleges."

The survey further reveals that 80% of Americans say that parents should be responsible for paying at least a part of their child's college education. A majority (57%) say that half or less of their child's college costs will be funded by student loans.