GREENFIELD, Mass. (WWLP) – Many millennials who’ve attended college know and understand the struggle of being left with a mountain of debt after college.
According to a Fidelity Investment study, 56-percent of millennials who graduated with debt are still paying their loans back. Now, 71-percent of millennial parents are actively saving money for their children’s college education.
One Greenfield Community College student told 22News, if he ever has children, he intends on saving for their college education well in advance. Ailton Correra said, “I don’t want my children to go through what I’m going through right now in my youth, you know. I go through a lot of obstacles in order for me to get my education and, basically, I wouldn’t want my children to go through that.”
The study also found that parents of all ages feel it’s a challenge to save enough money for college. 7 out of 10 parents said they’d like to have access to more specific guidelines to help save for college.
Click Here for an interactive calculator that can tell you how much you should be saving every month for your children’s college education.