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Even though Parents Understand the Importance of Saving for College, Many Find It Increasingly Difficult to Do So
Sallie Mae ConsumerFeature
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NINE-IN-10 PARENTS BELIEVE THAT A COLLEGE-EDUCATION IS AN IMPORTANT INVESTMENT IN THEIR CHILDREN'S FUTURE. YET, JUST UNDER HALF ARE SAVING FOR COLLEGE--AND THOSE WHO DO HAVE A FUND ARE SAVING LESS THAN THEY DID LAST YEAR. THAT'S ACCORDING TO THE LATEST "HOW AMERICA SAVES FOR COLLEGE"-REPORT, FROM "SALLIE MAE"--THE NATION'S LEADING SAVING-, PLANNING-, AND PAYING-FOR-COLLEGE COMPANY--AND RESEARCH-FIRM "IPSOS". PARENTS UNDERSTAND THE IMPORTANCE OF SAVING FOR COLLEGE--BUT PUTTING THEORY TO PRACTICE IS EASIER SAID THAN DONE. THAT SAID, SETTING UP A SPECIFIC ACCOUNT FOR COLLEGE-SAVINGS, MAKING REGULAR CONTRIBUTIONS, AND EXPLORING TAX-ADVANTAGED OPTIONS--LIKE "529"-PLANS--CAN GET FAMILIES ON THE RIGHT TRACK. THE GOOD NEWS IS THAT PARENTS ARE DOING MORE TO TRY TO SAVE FOR COLLEGE--LIKE USING AUTO-DEPOSIT, AND DESIGNATING PART OF THEIR PAYCHECK TO A COLLEGE-FUND. NEARLY HALF OF COLLEGE-SAVING FAMILIES, HOWEVER, CONTINUE TO RELY ON GENERAL SAVINGS-ACCOUNTS--WHILE ONLY ABOUT A QUARTER UTILIZE TAX-ADVANTAGED ACCOUNTS, SUCH AS "529"-PLANS. TO LEARN MORE, VISIT "SALLIE-MAE"-DOT-COM.
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