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Financial advice, 529 plans could help families pay for college tuition

Families struggling to save for their children's college educations should seek the advice of a financial advisor and look into the benefits of a 529 savings plan, according to a new study by Fidelity Investments.

By Paula Aven Gladych | Updated on August 30, 2012

Families continue to struggle to meet their college savings goals. The sixth annual College Savings indicator study by Fidelity Investments found that only 31 percent of parents with college-bound children are considering the total cost of college, graduating with debt, the impact of school selection and how the major their children choose could affect job prospects and earning potential.

Of the families who say they are keeping all of these things in mind, 61 percent are actively making changes to their investment plans to better manage potential post-graduation debt. Among those adjustments, 38 percent of families are sending their kids to cheaper colleges; 28 percent are planning to rely more heavily on financial aid and 16 percent are asking their children to change majors to secure better salaries after graduation.

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