Struggling to save for your child’s education? You’re not alone. A recent study from from Fidelity, 70 percent of parents want to fully pay for their child’s tuition and education costs. However, the same study found that the average parents are on track to cover only 29 percent of the costs by the child’s freshman year.1
College is a difficult financial goal for many families. Unfortunately, it’s only getting more difficult. A recent study found that the average tuition for a private, nonprofit college rose 129 percent from 1988 to 2018. Tuition for public college rose 213 percent over the same period.2
You can use a wide range of accounts and tools to save for college. You may find it difficult to know which is right for you. Below are three common savings tools. Each offers its own benefits and considerations. Your financial professional can help you choose the strategy that’s right for you.