The cost of college attendance has flown through the roof. Most Americans are not prepared to send their kids to college, are you? If you consider that most people aren’t prepared for retirement, you can expect that saving for college is low on their priority list as well. So, most people have one of the following situations: They borrowed so much to pay for college that they can’t prepare for retirement, they couldn’t pay for college because they saved for retirement, or they aren’t ready for either one.
Maybe one thing to consider is that it shouldn’t be up to the parents to pay for every little cost of college attendance. Your kids are going to earn more money than you one day, so why not allow them to pay some of the debt back? Sure you don’t want them saddled with debt, but you’re going to be older by the time the debt is due, and it wouldn’t hurt for them to take on some of the financial burden. Just a thought.
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Happy College Savings Day! Get it – today is 5/29? Just like the 529 College Savings Plan. Okay, silly joke, but seriously, are you saving enough for your kid’s college?
Today is a great reminder to make sure that parents are saving enough for their children’s education. We know that student loan debt is the worst type of debt to have. We also know that there are a lot of ways to graduate from college debt free.
But the sheer fact remains that college is expensive, and parents pay for most of it. So, are you saving enough for your children’s college education?
Parent’s Aren’t Saving Enough For College
The sad fact is that most parents aren’t saving enough for college. In Fidelity’s annual college savings study, parents plan on saving 62% of the total cost of their children’s college education. However, the average American family is currently on track to cover just a third (34%) of their savings goal.
That’s definitely not going to cut is, as college costs are continuing to rise – a fact that isn’t going to change any time soon.