Hey everyone, I was just wondering about the average amount that parents usually save for their child's college education? I'm trying to have an honest discussion with my parents about finances and want to be prepared.
The average amount that parents save for their child's college education can vary widely based on many factors like family income, cost of intended college, and family savings plan. However, according to a 2020 report by Sallie Mae, the average parent has approximately $23,757 saved for their child's college education.
Remember this amount can greatly differ between families due to various circumstances. Families that begin saving earlier will typically have more saved. For many families, the savings only cover a portion of the college costs, and additional funding may come from financial aid, scholarships, student loans, or earnings from part-time jobs.
To prepare for your discussion with your parents, take some time to research the tuition costs and fees of the colleges you're interested in. This will allow you to provide concrete figures. Include not only tuition but also living expenses, textbooks, travel, and any other expenses specific to your situation.
Best of luck with your conversation! It's definitely a big step to take and it's great to see that you're taking charge of being informed about college costs.
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