A survey of parents found that 52 percent are saving the same amount or more for college despite the recession.
The "How America Saves for College" survey was commissioned by SLM Corp., which is known as Sallie Mae. Sallie Mae is a provider of college savings programs. It is also the parent of Upromise, a Newton company that has devised a rewards program that helps parents save for college through everyday purchases.
Sallie Mae worked on the survey with the Gallup organization, and another survey finding was that 92 percent of parents expect their children to pursue higher education, and 48 percent plan to pay for most or all of the cost.
In a press release, Sallie Mae also noted: "A higher number of Hispanic parents intend to pay for all of the cost of their children’s college (20 percent of Hispanic parents, compared to 15 percent of white parents and 6 percent of African-American parents). Hispanic parents also are the most likely to be confident in their ability to save their goal amount - 54 percent indicated they are extremely or somewhat confident, compared to 44 percent of white parents and 31 percent of African-American parents."
Results from the study were based on a national telephone survey conducted in March and April among 1,200 parents of children under age 18, Sallie Mae said, and it was released today on “529 College Savings Day.”
Today, of course, is May 29, a.k.a. 5/29, and 529 happens to be a short-hand designation for a type of college savings plan.
On its website, Sallie Mae offers free planning tool that helps parents project the total cost of college by factoring in such data points as a child’s age, type of institution that the child hopes to attend, and the historical rate of increase in tuition. To see that planning tool, please click here. More Sallie Mae information on college savings can be found by clicking here.
(By Chris Reidy, Globe staff)