With the rising cost of college now a top concern, parents are prioritizing saving for higher education, recent studies show.
With federal student loan forgiveness up in the air and the rising cost of college now a top concern for families, parents are reprioritizing saving for higher education, recent studies show.
"Families are beginning to row together in the same direction and realize the value of higher education and what they want to get out of higher education," said Chris McGee, chair of the College Savings Foundation, a nonprofit that provides public policy support for 529 plans. Still, contributing to their 529 plans has necessitated sacrifices such as forgoing extra payments toward his student loans, he added."I think it's a gesture of love."
Financial experts and plan investors agree that 529 plans are a smart choice for many. And yet, in previous years, data shows that regular contributions to a 529 college savings plan often took aEven now, parents hope to use savings to pay for 67% of their child's education, but only 30% are on track to hit that goal, Fidelity found.
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