The one gift that may secretly top most parents’ holiday wish lists? Help with paying college costs for their kids.
A whopping 84 percent of parents surveyed said they’d “welcome” contributions to their 529 college savings accounts in lieu of other traditional presents, according to new data from Fidelity Investments. However, only 29 percent had actually asked for such assistance.
What’s holding parents back? Well, maybe they still believe in Santa – good luck with that – or maybe they haven’t heard about programs like the free online one at Fidelity that lets friends and family easily chip in to lessen the burden.
And quite a burden it is, given that the College Board’s Trends in College Pricing 2017 listed the average total annual charges (tuition, fees, room and board) of a private four-year college at $50,900, an in-state public four-year college at $25,290, and an out-of-state
public four-year college at $40,940.