TwinXL.com

It's no secret that the cost of higher education has skyrocketed in recent years, and there seems to be no relief in sight for low and middle income families who want to provide their children with college educations. Nonetheless, a report recently published by Sallie Mae shows that as many as two-thirds of low-income families do not have college education funds in place for their children. Instead, many of them are counting on federal and state financial aid, scholarships, and student loans to pay for tuition, books, and living expenses when their children enter college. The study claims that only 34 percent of low-income families are not regularly putting aside money for college. In other economic groups, 51 percent of middle-income families have a designated college fund, and 73 percent of high-income families are saving for school. The main factor cited by low-income families for not saving for college is that they simply can't afford to save. Many of th...