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From CHET: How Do You Compare to Other College Savers?
CHET reminds parents that a 529 plan can help you save more and borrow less.
How families pay for college
FROM CHET
When you're trying to save for your child's college education, it can be helpful to see the total picture of how other families are paying for college—and to learn ways that your 529 plan can help you stay ahead of the pack.
On average, families spent $26,226 per year for college using a variety of resources.*
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43%
529 plans, savings & income
Savings make up a large portion of how families pay for school, and your 529 plan gives you tax advantages vs. a savings account.
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31%
scholarships & grants
Letting your child know that you are saving for college shows that you believe in their future. That can help drive them to academic success and potential scholarships.
2%
friends & family
We make it easy to request and receive loved one's contributions, so gifting can be a more significant part of your savings solution.
24%
borrowing
With college costs rising, your 529 plan can help reduce what you'll need to borrow, and keep college debt to a minimum.
*Sallie Mae report "How America Pays for College." Results of 2,000 online interviews conducted between April 5 and May 6, 2019, with parents and undergraduate students.
Your 529 plan can help you save more and borrow less. Contribute today.
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