Millennial parents, still in debt, plan to pay for children’s education

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The large majority of millennial parents plan to cover at least part of their children’s higher education, despite still owing thousands of dollars in student debt themselves.

The reason, said TD Ameritrade senior manager of retirement Dara Luber: The lingering student debt is a “pain point” for millennial parents, who don’t want to see their children go through the same circumstance.

A TD Ameritrade survey took stock of the saving trends of millennial parents ages 19 to 37 and grandparents from 50 to 70. It found millennial parents still owed an average of $9,180 in student debt, while grandparents still owed a little over $1,000.

Continued: Millennial parents, still in debt, plan to pay for children’s education

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