Nearly all American parents saving for their children's college education — 95% of them, in fact — expect to cover more than half of the cost for their kids. While about 1 in 3 (36%) say they will pay for the full cost, 2 in 3 (64%) expect their child to pay something.

These are among the findings from Northwestern Mutual's "Planning & Progress Study 2024," which explores debt and college savings trends. The report also indicated that 37% of parents saving for their kids' educational expenses anticipate the child's contribution to be between 1% and 25%. More than 20% anticipate the contribution to fall between 25% and 50%.

"For many parents, saving for their kids' college expenses is priority number one," Christian Mitchell, chief customer officer at Northwestern Mutual, said in a statement. "Each family should determine what feels right for them — but they need to act intentionally. Otherwise, the window to save for college costs may close — and fate will dictate how much parents and kids must contribute. It's also important to remember that college loans exist, but there is no such thing as a retirement loan. If parents can't afford life in retirement, that unexpected financial burden may fall on their kids' shoulders. That's why it's so important to consider every money move as part of a larger financial plan. With a comprehensive plan in place, parents can help their children pursue higher education without worrying about sacrificing their own future goals."