Millennials investing in children’s college over personal loan payoffs
About one-third expect to still have loan payments when their children leave for college, and they don’t want their children to inherit similarly poor financial fortunes. For this reason, 90 percent said they plan to pay at least part of their children’s college fees, and 19 percent said education is a top financial priority.
Already, millennial parents are putting an average of $310 aside per month for the next generation’s schooling, while grandparents contribute an additional $205 monthly.
With an average of $9,100 in student debt, according to TD Ameritrade surveys, millennial parents are all too aware of the financial realities of higher education. Read more at Yahoo Finance.