4) A tough economy has hurt savings rates
The number of American families saving for college has declined 10 percentage points over the past three years. In 2010, 60 percent of families reported they were saving for college, down to 50 percent in 2013. In addition to this, those families saving are saving less. Average savings have fallen from $21,615 per family in 2010 to $11,781 in 2013.