Nearly all American parents saving for their children's college education — 95% of them, in fact — expect to cover more than half of the cost for their kids. While about 1 in 3 (36%) say they will pay for the full cost, 2 in 3 (64%) expect their child to pay something.
These are among the findings from Northwestern Mutual's "Planning & Progress Study 2024," which explores debt and college savings trends. The report also indicated that 37% of parents saving for their kids' educational expenses anticipate the child's contribution to be between 1% and 25%. More than 20% anticipate the contribution to fall between 25% and 50%.
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