UPromise – Even though nine out of 10 parents expect their children will go on to pursue higher education, only six of them have started saving for it. With the average cost of a four year education at a private college topping $100,000 (as reported by The College Board), this presents a serious problem for many families.www.upromise.com www.salliemae.com/
Fortunately, they are not alone. Debby Hohler, Debby is Director of PR for Upromise, has been an outspoken ally in the battle to improve financial access to higher education. Her company recently authored a white paper on how the use of tax-advantaged 529 plans can have a more profound impact; greater adoption of the plans will place higher education within closer reach for many, particularly among low- and middle-income families.
A 2009 Sallie Mae-Gallup poll found that over half of parents not using 529 plans say it is because they are not at all familiar with them. As April is National Financial Literacy Month, this presents a terrific opportunity to educate your core audience of parents on these important saving and investment tools. Families are aware of how important saving for college is, but the study shows that they often dont know the best way to go about it.