College Savings On the Rise, But Still Not Enough - WRCBtv.com | Chattanooga News, Weather & Sports

College Savings On the Rise, But Still Not Enough

Posted: Updated:
NBC News - Americans still aren't saving enough to pay for college, even though they are socking away twice as much as they did during the recession. 

In a report released Tuesday, the College Savings Plans Network found that the average college savings or prepaid tuition account known as a "529" plan is now worth about $20,671 — almost double what these accounts were worth during the dog-days of the financial crisis.

The group, which tracks the state-sponsored savings plans, attributes the increase to several factors including a healthier stock market and improved economy, as well as greater consumer awareness of 529 plans and a growing concern among parents of the cost of higher education. 

According to the report, contributions to 529 plans jumped from $16.5 billion in 2009 to $22.5 billion. 

At the same time, the $20,671 figure would only cover the first year at a public college or university and about half a year at a private college for a single year of tuition, fees, room and board.

  • NewsMore>>

  • 1 hurt in Ryan Street shooting

    1 hurt in Ryan Street shooting

    Tuesday, January 23 2018 12:28 AM EST2018-01-23 05:28:42 GMT
    Police investigate early morning shooting.Police investigate early morning shooting.

    According to Chattanooga Police, one person has been hurt in a shooting late Monday night. It happened just before 11 p.m. on Ryan Street. 

    More

    According to Chattanooga Police, one person has been hurt in a shooting late Monday night. It happened just before 11 p.m. on Ryan Street. 

    More
  • TBI weighs in on Gov. Haslam's statewide opioid plan

    TBI weighs in on Gov. Haslam's statewide opioid plan

    Tuesday, January 23 2018 12:01 AM EST2018-01-23 05:01:35 GMT

    As the nation tries to tackle the opioid epidemic, Tennessee officials say Governor Haslam's 10 point plan is a step in the right direction. 

    More

    As the nation tries to tackle the opioid epidemic, Tennessee officials say Governor Haslam's 10 point plan is a step in the right direction. 

    More
  • Abandoned home catches fire

    Abandoned home catches fire

    Monday, January 22 2018 10:35 PM EST2018-01-23 03:35:23 GMT

    Walden's Ridge Emergency Services and The Hamilton County Sheriff's Office were called to a house fire Monday night. 

    More

    Walden's Ridge Emergency Services and The Hamilton County Sheriff's Office were called to a house fire Monday night. 

    More
Powered by Frankly