Most American families don’t have a plan for paying for college. Just 36 percent of middle-income families and 29 percent of low-income families have set aside money, according to Sallie Mae’s “How America Saves for College 2013” study that came out this year. And the percentage of families who are saving and the amount they’re saving have both declined significantly since 2010.
The average family plans to save $38,953 per child for college. However, the study points out that “on average, parents will [really] save $19,784 per child by the time their children turn 18.”
In other words, about half. Gulp. See tomorrow’s Arkansas Democrat-Gazette for one family’s insights and insecurities about planning and paying for their children’s education. And, yes, power ball tickets are involved.