Call it the generous generation.
More than half, 53 percent, of grandparents are saving or plan to start saving to help pay for their grandchildren’s college costs, often by opening a 529 account, according to research from Fidelity Investments.
Among grandparents already saving or planning to save, many expect to make significant contributions; when asked how much they envision contributing to college education for all of their grandchildren, they cite a median of $25,000, with 35 percent anticipating they will contribute $50,000 or more.
The study comes a time when college costs and student debt are at record levels. Average student loan debt, in 2010 dollars, rose from $21,736 in the 2001-2002 school year to $27,910 in 2011-2012, according to the Edvisors Network.