Conquering College Costs

Conquering College Costs

Experts are saying that American parents are getting better at saving more for their child's college education.
The cost of college is something even the president was complaining about late last week.

"You do what it takes to go to college, but then you run the risk that you won't be able to pay it off because you got so much debt," said President Obama.

That debt averages close to $35,000 per graduate these days.

That's why researchers at fidelity investments think parents are actually better now at socking away for their children's higher education.

"Sixty-one percent of parents that answered our survey say they do have a plan in place for saving for college," said Keith Bernhardt, Vice President of College Planning at Fidelity Investments.

Bernhardt says those parents who've been successful did so by saving early and saving often.

"Come up with a disciplined approach for getting money into a savings account or a 529 plan," Bernhardt said.

A 529 plan is an investment account that earns tax-free money that can be spent on a wide variety of college expenses, which, by the way, have increased 250-percent in the last 30 years.
Page: [[$index + 1]]
comments powered by Disqus