Families continue to struggle to meet their college savings goals. The sixth annual College Savings indicator study by Fidelity Investments found that only 31 percent of parents with college-bound children are considering the total cost of college, graduating with debt, the impact of school selection and how the major their children choose could affect job prospects and earning potential.

Of the families who say they are keeping all of these things in mind, 61 percent are actively making changes to their investment plans to better manage potential post-graduation debt. Among those adjustments, 38 percent of families are sending their kids to cheaper colleges; 28 percent are planning to rely more heavily on financial aid and 16 percent are asking their children to change majors to secure better salaries after graduation.

Most parents don't plan on paying more than 57 percent of their children's college expenses, but the average family is currently on track to cover just 30 percent of those costs. To make up the difference, families need to look for additional funding options such as loans, grants and scholarships.