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More Parents Are Saving for College--and They're Saving More Money
Sallie Mae ConsumerFeature
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MORE PARENTS ARE SAVING FOR COLLEGE--AND THEY'RE SAVING MORE MONEY. THAT'S ACCORDING TO THE LATEST "HOW AMERICA SAVES FOR COLLEGE"-STUDY, FROM "SALLIE MAE" AND "IPSOS". THIS YEAR, 57-PERCENT OF PARENTS ARE SAVING FOR COLLEGE--WHICH IS A FOUR-YEAR HIGH. AND, THEY'VE SAVED 16-THOUSAND DOLLARS--UP FROM JUST OVER 10-THOUSAND DOLLARS, A YEAR AGO. ALSO, MORE PARENTS FEEL CONFIDENT THAT THEY'LL BE ABLE TO MEET THE COST OF COLLEGE. IN FACT, FOR THE FIRST TIME, MORE THAN HALF OF PARENTS REPORT THAT THEY HAVE A PLAN TO PAY FOR COLLEGE. BUT, WHILE MORE ARE SAVING, ABOUT 60-PERCENT OF PARENTS ARE STILL USING GENERAL SAVINGS-ACCOUNTS--WHILE ONLY 37-PERCENT ARE USING TAX-ADVANTAGED "529"-PLANS. USE OF "529" PLANS IS TRENDING IN THE RIGHT DIRECTION; HOWEVER, THAT FIGURE SHOULD BE EVEN HIGHER, BECAUSE FAMILIES WHO USE THEM SAVE MORE MONEY. TO LEARN MORE, VISIT "SALLIE-MAE"-DOT-COM-SLASH-"HOW-AMERICA-SAVES-FOR-COLLEGE".
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