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Savings for College/Education

Savings for college and education refers to the accumulated funds families and students set aside for educational expenses and fees or future schooling. Family wealth, or total household assets minus what is owed (debt), greatly influences how families are able to save for education-related costs. Wealth may include liquid assets, which can easily be converted into income (such as stocks, bonds, and savings accounts), and nonliquid assets, such as real estate and business equity. Accumulated funds for college are important because families are increasingly responsible for covering a significant proportion of the rising costs of college. This growing family financial burden exacerbates educational inequality by race and socioeconomic status because poor and underrepresented minority groups continue to face barriers in wealth accumulation.

Historical Context and Significance ...

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