American families have saved a record $328 billion in popular 529 college savings and tuition plans, confirmation of the booming economy and continued support for higher education.
The College Savings Plans Network said that in just the first half of 2018, families opened 300,000 new Section 529 plans.
And total investments in all of the 529s reached a record $328,988,994,808. From January to June, the total grew by $9.8 billion dollars.
Overall, Americans hold 13.6 million accounts and the average amount saved is $24,153.
“It’s great to see American families continue to prioritize financial planning for higher education,” said James DiUlio, chair of CSPN. “However, it’s paramount for these conversations to extend well beyond this awareness month to ensure academic aspirations can become a reality for the bright minds and futures of today’s youth.”
According to the Department of Education, the average amount families have put away will cover about one year of school. The National Center for Education Statistics reported, “For the 2016–17 academic year, the average annual price for undergraduate tuition, fees, room, and board was $17,237 at public institutions, $44,551 at private nonprofit institutions, and $25,431 at private for-profit institutions.”
[Also read: Parents increasingly refuse to pay for college]
