Parents More Confident About College Savings

American parents are feeling more confident than they have in years about saving for college, according to a new report.

The report – from student loan funder Sallie Mae and researcher Ipsos – found that the amount parents saved for college rose 29% in 2013, from the 2012 average of $3,398.

In fact, for the second year running the majority (51%) of parents polled are actively saving for college. This is a healthy turnaround from the post-2007 economic environment, in which many parents were unable to save for their children’s’ education.

Sallie Mae said that almost half of parents surveyed have a plan for how they will handle tuition bills, and expect to cover 40%with income and savings. That’s way more than the 23% parents who don’t have a plan, and expect to pay out of pocket.

This is welcome news – especially considering the great importance American parents place on being able to help their kids get a college education. What this latest report indicates is that parents are finally feeling more able to meet their college savings goals after years of tough times.

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