Today is May 29, also known as "529 College Savings Day," named after 529 plans, which are popular state-sponsored college savings plans. Today has been designated as a day to raise awareness of the importance of saving for college, as well as ways to do so. While 529 plans suffered along with everything else in the stock market, they are still being emphasized as a valuable tool for saving money for college.
According to a poll conducted by Gallup and Sallie Mae, 62 percent of families with college-bound children are already saving for college in some capacity, with the majority planning to contribute at least half of a child's tuition. About half of families that are saving already regularly contribute to college funds, and around a third use state 529 plans. The Chronicle of Higher Education has more information on the survey, as well as a link to the results.
If you're curious about college savings plans, we have some resources to help you get started. A few months ago, we did a couple blog posts on saving for college, featuring a discussion of 529 plans, as well as other savings options. While the focus of today is on saving for college, it's also a good time to look into college scholarships, especially for students still in high school. Read up on college savings accounts today, then do a free college scholarship search to find more options for paying for school.