87 percent of parents believe scholarships and grants will cover at least part of their children's undergraduate expenses

The study looked at the college saving habits and goals of parents with children under 18 and compared them with what college financial aid administrators have to say about college funding. Financial aid administrators said 92 percent of parents overestimate the amount of scholarship money their children will receive. Meanwhile, parents are not saving much on their own for their kids' educations, the study found.

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