Loftis Encouraged — Average American Family Saving Between $16,000 to $21,000 for College, But is it Enough?
How much has the average American family socked away for college?
According to Sallie Mae’s latest national study, that figure is $16,380. But according to the College Savings Plan Network, the savings is closer to $21,000.
“It’s encouraging to know that more Americans are saving and thinking about their child’s future,” said South Carolina Treasurer Curtis Loftis. “And also encouraging that more families are turning to 529 college savings plans as the savings vehicle of choice.”
But depending on how soon your child may be ready for college — that amount may not be enough, Loftis said.
Most public four-year in-state schools in South Carolina run about $26,753 on average for annual tuition, expenses and room and board, according to the latest figures. And when you factor in inflation, that cost could increase dramatically by the time your child is old enough to go off to college.
“But the good news is, the earlier you start, the more you can save and get ahead of the cost of tuition and inflation,” Loftis said. “And a Future Scholar College Savings Plan is a great way to do just that.”
To find out more about what families are saving, read on: www.fool.com/retirement/2016/10/30/heres-what-the-average-american-is-saving-for-coll.aspx