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Parents Saving for College at Record Levels — And Still Coming Up Short

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College tuition continues to rise, putting increasing pressure on parents hoping to give their children a hand in paying for school.

According to Fidelity’s recently released 10-Year College Progress Report, 72% of parents reported saving for college this year —a record high — compared to 58% in 2007.

The number of parents taking advantage of a dedicated college-savings plan, such as a 529 plan, is also on the rise, up 62% since 2007.

However, it’s still not enough.

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“While families have adopted more active and effective savings habits over the past decade, this year’s study still finds that on average, parents are on track to reach just 29% of their college funding goal by the time their child heads to campus,” Keith Bernhardt, vice president of college planning at Fidelity, noted in the study.

 

Read the full article here.

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Jennifer Hooks

Jennifer Hooks is managing editor for Children's Ministry Magazine and a contributing author to Sunday School That Works (Group).

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