How America Saves for College

Sallie Mae and Gallup today released How America Saves for College. From the press release:

• 60% of parents have saved for their child’s college education, about the same as last year despite the difficult economic environment, and are on track to save $48,367 on average by the time their child turns 18
• Nearly half of those not saving for college do not know how (18%) or are not sure which are the best college savings options (28%)
• 24% of saving-for-college parents risk their financial future by using retirement accounts to save for college.

Press and blogosphere coverage:

• Associated Press, New Study: College Savings Remains Family Priority
• Chronicle of Higher Education, How Families of Tomorrow's Students Save for College
• CNN, Retirement Funds Tapped for Kids' Tuition
• Reuters, Saving for College the Hard Way
• Wall Street Journal, How Are Families Saving for College? A Snapshot
• Washington Post, Families Are Trimming Plans to Pay for College, Survey Finds

(Hat Tip: Ann Murphy.)