The vast majority (93 percent) of teens indicated that college savings planning was very or somewhat important to them. In fact almost eight in ten teenagers from the study (78 percent) said they personally conducted research to learn about the best way to pay for their own college education. This compares to only 60 percent of teenagers who said they personally conducted research about purchasing their first car.
Given that three-fifths of teens (60 percent) said they expect to have to take out student loans in order to pay for some portion of their future college education costs, it is very positive to learn that over half of teens (54 percent) indicated they have participated in the financial contributions that are made towards their college education savings fund. In comparison, 37 percent said they have made any financial contributions toward the purchase and/or subsequent payments associated with their first car.
"The media have drilled it into our public consciousness that student loan debt has surpassed the
However, there is still more work that needs to be done by both parents and college counselors to ensure that teens truly understand the best course of action when it comes to planning and saving for their college education. Despite the fact that almost three-quarters (73 percent) of the teens from this new study said they felt very or somewhat confident in their understanding about the best ways to save for their future college education costs, less than 2 in ten (14 percent) of the teens could define the term "529 Plan."
To help bridge this knowledge gap,
Owned and operated by more than 270 leading private colleges and universities,
The educational mix of private institutions participating in
The first annual Teen College Savings Barometer was conducted online among a sample of 1,000 teenagers 13-17 years of age living in the U.S., comprising 500 boys and 500 girls. The survey was administered from
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Purchasers should carefully consider the risks associated with purchases and refunds of Tuition Certificates. The Disclosure Statement, including the Enrollment Agreement, contains this and other information about the Plan, and may be obtained by visiting privatecollege529.com or calling 1.888.718.7878. Purchasers should read these documents carefully before purchasing a Tuition Certificate.
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