A single year at a private college can set a student (or more likely, a student’s family) back over $US60,000.
Yet Fidelity found in its 8th Annual College Savings Indicator Study that nearly half of parents think they will be able to save enough for tuition as long as they start “by the time their child starts high school” — only about four years in advance.
Considering that you can open a tax-advantaged 529 savings account for a child immediately after he or she is born, these parents are perhaps a little behind schedule.
Below, Fidelity has highlighted three of the most pervasive college savings myths uncovered in their study.
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