PLUS: 30% of Americans report their student loan debt is higher than their credit card debt
In recognition of National 529 College Savings Day (5/29), Nebraska’s NEST 529 College Savings Plan released the results of its ‘2020 College Savings Survey’. The national survey covered an array of topics to better understand Americans’ behaviors, attitudes and priorities as they relate to college savings and higher education.
According to the survey, 71% of Americans report they have never contributed to either their own or a friend/family member’s 529 plan - and 52% of Americans report they are unfamiliar with 529 plans. When asked about debt, 30% of respondents report their student loan debt is higher than their current credit card debt.
“Higher education is a critical step on the path to future success, so it is imperative that families plan for the high costs associated with opening these doors,” said Nebraska State Treasurer John Murante, Trustee of NEST 529. “National 529 Day is an opportunity to raise awareness for one of the best resources in the college savings space – 529 college savings plans. It is my hope that families across our nation continuously engage in these important conversations and take advantage of all the resources available to help them pave the path towards achieving a debt free future.”
Among the survey’s additional findings:
This survey is a follow-up to NEST 529’s 2019 College Savings Survey, which found 57% of Americans were unfamiliar with 529 plans.
The study was conducted online using Survey Monkey. One thousand participants were polled, spanning across the United States. The demographic of those polled represented a broad range in generation, geographic location, and gender.
About NEST 529
NEST 529 is a tax-advantaged 529 college savings plan and provides four plans to help make saving for college simple and affordable: NEST Direct College Savings Plan, the NEST Advisor College Savings Plan, the TD Ameritrade 529 College Savings Plan, and the State Farm 529 Savings Plan. The Nebraska State Treasurer serves as Program Trustee. First National Bank of Omaha serves as Program Manager, and all investments are approved by the Nebraska Investment Council. Families nationwide are saving for college using Nebraska’s 529 College Savings Plans, which have more than 275,000 accounts, including over 89,000 in Nebraska. Visit NEST529.com and treasurer.nebraska.gov for more information.
About First National Bank of Omaha
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $23 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.