5 Hard Truths About Saving for College and the Cost of Education

3) …and the numbers show that actual savings fail to meet expected savings

On average, parents expect to pay about 32 percent of the total cost of college for their child. At a public four-year college, Fannie May calculates that to be about $44,489. However, the 2013 report shows that not only are many parents incorrectly estimating how much they need to save to pay for about one-third the cost of college, they are also not coming close to saving the right amount.

College Fail

Source: Sallie Mae How America Saves for College 2013