Parents More Optimistic About Paying for College

September 28, 2016

More parents are saving money for college, according to the latest installment of a national survey conducted by Sallie Mae, the student lender. They're also saving more money and are more confident about their ability to pay for college, the survey found. For example, 55 percent of parents say they are confident they can meet the future price of their children's college education, up from 42 percent last year. Parents on average have saved $6,000 more for college, with an average of $16,380, compared to $10,040 last year.

Millennial parents (defined as age 35 or younger) are more committed to saving for college. The survey found that more millennial parents are saving more for college than their Generation X and baby boomer peers. They also are more likely to say that parents should be solely responsible for paying for college (38 percent of the survey's respondents) compared to 26 percent of Gen Xers and 18 percent of baby boomers.

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