529 Calculators Would Better Educate Parents

May 13, 2007

NEW YORK-Future generations are going to be saddled with tremendous college debt if the financial industry doesn't do a better job of talking to families about the importance of saving for their children's higher education, according to panelists at an AllianceBernstein Investments event here last week, 'Perspectives on College Savings.' The industry must devise more tools to help parents grasp exactly how much money their children might need for college, said Barbara Tornow, senior adviser to the vice president for enrollment and student affairs at Boston University. Products similar to what are available for people to calculate how much money they will need in retirement would be useful, she said.

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