If you’re worried about saving for your children’s college education you’re not alone, according to a new survey.
The Futuretrust Hopes and Dreams survey found that 77 percent of fathers and mothers are concerned about college tuition costs. In addition, 29 percent of parents surveyed said that the rising costs of food, gas and other daily necessities is the single greatest obstacle they face when trying to save for their children to go to college, 18 percent said job loss or income reduction is to blame and 16 percent said they fear that even if they start now they won’t have enough.
"The survey shows that future college costs remain a real concern for parents, even when their children are years away from attending college," said Joe Hurley, Founder of Savingforcollege.com. "For most, the challenge will be met through a creative combination of strategies, including college savings plans, loans, grants and scholarships, along with budget adjustments."
One of the most common ways parents can save for college is by investing in a 529 plan, which is operated by a state or educational institution and is designed to help families set aside funds for future college costs. These can be either savings plans or pre-paid plans that allow parents to pay ahead for tuition at certain schools.