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%.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.