4/29/2015 – College Savings take a Dive (Reuters)

Apr 29, 2015 Comments Off by

 Average amounts saved for college have fallen 25 percent since last year and fewer middle-income families are saving for higher education, even as parents overwhelmingly endorse its value as an investment, according to “How America Saves for College 2015,” the latest survey by education lender Sallie Mae. Parents had an average $10,040 set aside for college earlier this year, compared to $13,408 last year, the survey found. Savings for all purposes, including retirement and emergencies, also plunged to $98,867 from $115,604 last year.”The biggest reason for the decrease in savings are the increase in the cost of living and having unexpected expenses come up,” said Michael Gross, head of the higher education practice at market research company Ipsos, which conducted the survey for Sallie Mae.

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Financial Landing 2015

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