20% of Parents Want to Save for Child’s College, but Haven’t Started

Student loan debt weighs heavily on millions of Americans, and many may want to keep the next generation from this same burden. But with competing financial priorities after graduation, it can be difficult to pay down your own debt and save so your children won’t need student loans when they’re ready for college.

According to a new NerdWallet survey, 1 in 5 U.S. parents of children under 18 (20%) say they haven’t yet started saving for their children’s college education, but they want to.

The NerdWallet survey of more than 2,000 U.S. adults — among whom 334 currently have federal student loan debt — conducted online by The Harris Poll asked Americans about their student loan debt and how loan forgiveness and/or forbearance would impact their finances. We also asked parents of children under 18 who have student loan debt how they feel about their kids taking on debt to pay for college.

Key findings

Most say college is important, but you shouldn’t take out loans for it. The…

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This article was written by Erin El Issa and originally published on www.nerdwallet.com