College Savings Facts and Statistics

A college education is important to the success of any individual, but it often comes at great cost. Students often find themselves in great debt upon graduation. A recent poll found that 42% of students who graduated with debt lived paycheck to paycheck, opposed to 24% of students who graduated without debt. 34% of those with debt even reported selling their personal possessions to help pay off debt. For this reason, it is important for parents to look into college savings plans to help finance their children's college education.

Do you want to ensure that your child will be able to afford a college education without accruing large amounts of student debt? Contact one of our College Savings Professionals at Cranberry Lake Financial to help you find the best college savings plan for you and your family!

Parents across the country know that saving for their children's college education is of utmost importance. A recent survey found that 34% of parents considered college savings their most important financial concern. Among those saving for college were parents with children of all ages. 64% of parents with children under 12 replied that they had a college savings plan in place for their child. 59% of parents with children above 12 cited saving for college.

There are various college savings plans available to help parents save for a good college education for their children. Of those surveyed, 40% stated that they had a 529 savings plan for their child's college education. 87% of those stated that mainly used a 529 savings plan because of tax-free distributions. Another survey found that 43% of working parents would use a 529 savings plan if offered through the use of payroll deduction. Yet, only 5% of these working parents replied that their employer currently offered a 529 savings plan.