How credit unions can help millennial parents save for college
According to CollegeData, the average cost of an in-state public university for the 2014-2015 school year was $23,410. For a private school, the cost goes up to $46,272. The Institute for College Access & Success reported an average student loan debt of $28,400 for students in the class of 2013.
Struggling with student loan debt and figuring out a way to pay for an education has sparked a new way parents think about their children’s future, according to a study by Fidelity Investments. In 2007, 58 percent of parents between ages 30 and 34 had started to save for their children’s education. Only 16 percent planned on paying for all of their children’s college payments.
Saving for college
In 2015, 74 percent of parents in the same age range have started to save and nearly half plan to pay for all college costs.