Saving for College? 529 Account Outperform Regular Bank Accounts

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Saving for College? 529 Account Outperform Regular Bank Accounts

Oct, 4th 2016

Parents, particularly those under 35, are increasingly confident they can afford college for their children, but underlying that optimism is a hint of caution. A new survey from student loan lender Sallie Mae warns that if economic growth does not keep up with inflation, then they may not have enough despite their best intentions.

The latest “How America Saves for College” report, released by Sallie Mae, finds that the number of parents saving for college jumped to 57 percent, from 48 percent last year. The average amount saved is now $16,380, up from $10,040 in 2015 and $15,346 in 2014.

The survey found 55 percent of parents thought they could afford college for their children, up from 42 percent in 2015. When millennial parents...

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