Reuters Money

Fewer Americans see the value of a college education.

Just 64 percent of Americans currently think college is a good financial investment, down a whopping 16 points from 2009 and 17 percentage points from 2008, according to a new Country Financial survey.

Rising tuition and an uncertain economy seem to be the primary culprits. The silver lining? More Americans (43 percent) say saving for retirement is more important than saving for their child’s college education (41 percent). And that’s a good thing because, as any financial planner will tell you, you can borrow money for school, but no one is going to lend you money for retirement.

That said, college is also expensive. It takes an average of $35,636 to cover tuition, fees, room and board at a private college, and over $15,000 for an in-state public school, according to the College Board. You’ll spend more than $50,000 a year to send your child to the most expensive schools like George Washington University and Bennington College (pictured here).

Back in the day, when I went off to a large state school, tuition was relatively cheap at about $3,000 annually. Now tuition at the main campus of my alma mater, Penn State, is rising by as much as 5.9% for the upcoming academic year. For many in-state upperclassmen, the cost for the 2010-2011 academic year will be $15,582. And the price tag is even more expensive for students in nursing, business and other programs. Out-of-state kids will have to cough up about double those amounts.

My father, bless him, put four kids through college including Dartmouth. Penn State was the cheapest, which is probably why he favors me today. Most Americans (65 percent) say parents should be responsible for paying part of their child’s college education. Eighteen percent believe parents should foot the entire bill, while 13 percent thinks parents should not pay for any college costs, according to the survey.

I’m trying my hardest to save for college. When my son was born, I set up a 529 college savings account to fund his education costs. Each month, $100 dollars is sucked out of my bank account. (I know it should be more, but it’s a start.) And additional funds go into accounts for my two nephews each quarter. Alas, performance in all three accounts has been essentially flat, thanks to the turbulent markets. At least I get a tax deduction from New York state.

If you are wondering how to ramp up your college savings, here’s some timely advice from Reuters columnist Linda Stern on ways to slash those tuition bills down to a manageable size and find the cash you need to pay them.