Question of the Day: What Percentage of Families Have A Plan To Pay For College?
Answer: Not enough. 45%
From USA Today:
To get on the right track with college savings, make a plan. It’s something only 45 percent of families do, according to Sallie Mae, but the benefits are significant: Students whose families planned borrow half as much as those without a plan, and are more likely to attend college full-time in pursuit of a bachelor’s degree.
Why do I think that planning is so important? After some spring cleaning in my attic last month, I came across this document, my plan to pay for college in 1983 when I was 16 (which found it’s way into the NY Times this weekend):
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.