Millennials to Their Future Kids: "I'm Paying for College!"


sk a Millennial with a college degree, and chances are they’ve got a student loan story to share.

It’s been so long since graduation that some Millennials have welcomed kids of their own—and yet 56% of such parents are still paying off college debt, according to a new study from Fidelity.

Is it any wonder these parents want something better for the next generation?

First-hand experience with the student loan crisis may be a reason why Millennial parents aim to cover 74% of their children’s college costs. And almost half of them hope tocompletely foot the bill.

Those plans sound all the more ambitious when you consider that back in 2007, only 16% of Gen X parents surveyed by Fidelity planned to pay for all college costs.

In an effort to make their goals a reality, 71% of Millennial parents have started saving for future college expenses. And that puts them at the head of the pack, even as saving for college has generally reached an all-time high, with 69% of families socking away funds.

And among those Millennials still saddled with loans, a whopping 91% plan to reallocate those dollars to their kids’ college funds once they’re out of the hole.

Prioritizing their own loans is the right idea: financial planners typically advise putting debt and retirement savings ahead of saving for future college expenses.

If and when you’re ready, here’s our guide to college savings 101.

More from LearnVest:College Savings Scorecard: How Do You Compare?4 College Savings Mistakes Even Savvy Parents Make3 Grads Confess: ‘I Defaulted on My Student Loans. Here’s My Story’