Future college students: Pay for school yourself!

Updated

A study on college savings done by Fidelity shows that parents aren't saving nearly enough to send their children to college. While parents are saving for college, they're doing so based upon what they think college will cost, which ends up to be only about 24% of what college is expected to cost in the coming years.

College tuition, fees, and living expenses are rising fast, and the savings plans of the parents aren't keeping up. The study found that on average, parents are planning on paying about 43% of the total cost of college and related expenses, with loans, grants, and student payments making up the difference.

But Fidelity says that parents should plan on costs of $77,000 to $100,000 to attend a four-year program at a private or public school. The parents just don't seem to be prepared for this type of cost.

Add to this the fact that parents are starting to save too late, aren't saving enough, or tap into college savings funds for other emergencies.

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