When you send your child off to college, will you be prepared for all the costs that accompany higher learning? Are you curious how your financial preparedness for college compares with other parents? A new report can help you figure that out.
Education-focused financial services company Sallie Mae released its 2014 report, How America Saves for College
, to provide a snapshot of how parents are preparing financially for their children’s higher education.
Here’s a sampling of the findings:
The latest findings show that 51 percent of parents are saving for their children’s education. That number has decreased in recent years, down from 62 percent in 2009. It has rebounded slightly since hitting the 50-percent mark in 2013, though.
The most popular method of saving is with a regular savings account, followed by an education savings account.
Parents who have a savings plan in place expect to cover 40 percent of their child’s tuition, compared to those with no plan, who expect to cover 23 percent of the tuition cost.
The report covers a myriad of metrics, including where education saving ranks compared to retirement, and whether parents with a savings plan are more successful at saving than those with no plan at all.
The entire report is available for download at no cost, along with the 2013 guide, How America Pays for College
, on Sallie Mae’s website