Student loans College planning Credit cards Savings About Us icon-contact icon-log-in icon-search Our story Leading research How America Saves for College 2018 By Sallie Mae® and Ipsos 6 in 10 parents are saving for college, and one-third saved more this year. Are you one of them? See how you compare to other American parents and get resources to help you start, strengthen, or streamline your savings plan. View the full report (PDF) Access infographic and news release (PDF) College savings are the highest since 2013 Parents have saved an average of $18,135. Most college savings are in 529 plans 529 plans 529 plans offer parents tax advantages that can help their savings grow faster. The average amount saved in 529s has nearly doubled since 2016, from $2,820 to $5,441.1 General savings accounts General savings accounts are still the most commonly used type of account for building a college fund. The average amount saved in savings accounts is $3,902, up 7% from $3,663 in 2016. Investment accounts Investment accounts can yield a high return, but may be less accessible to the average saver. Parents have saved an average of $2,616 in investment accounts, 14% more than in 2016. Parents are optimistic they'll meet their college savings goal $55,342 average savings goal Most parents, regardless of the age of their children, are about one-third of the way there. 86% of the parents feel confident Most parents with a college savings goal think they'll meet their goal by the time their child enters college. Fewer parents plan to use their retirement savings 10% in 2018 vs 20% in 2016 College planning tip If you haven't set your savings goal, Sallie Mae®'s College Planning CalculatorSM can help you create a customized plan. Start your plan Parents with a plan have double the savings $22,169 planners vs $9,208 non-planners College planning tip Kids should look for scholarships outside of colleges and universities, too. A scholarship search can help students-both undergraduates and grad students-quickly find scholarships that match their interests and area of study. Search for scholarships Smart habits help parents save more Six in 10 make regular deposits to their college fund. Three in 10 spend less on household and personal items. Nearly one-fourth are increasing their income by working more hours. More than 1 in 10 put the cash back from reward programs into college savings accounts. Additional resources How America Saves for College report (PDF) How America Saves for College infographic (PDF) How America Saves for College social media kit (PDF) Read the news release See past reports Share this information on Twitter #HowAmericaSaves 1. Before investing in any 529 plan, please consider whether your or the designated beneficiary's home state offers its taxpayers benefits that are only available through that state's 529 plan. How America Saves for College 2016, by Sallie Mae, the nation's saving, planning, and paying for college company, and Ipsos, the world's third-largest market research company, reports the results of 1,959 online interviews with parents of children under age 18 conducted May 26 − June 6, 2016. Home Our story Leading research How America saves for college About us Careers For investors Media Blog Leading research Contests Cosigner responsibilities Partner resources Military resources Contact us FAQs Sitemap Terms of use Protect your privacy Avoid online fraud Beware of debt relief offers Social media guidelines Do not sell my personal information © 2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.