Sign Up for the BETTER newsletter

You have been successfully added to our newsletter.

You will be up to date with all our NBC News updates, including special offers

NBC News BETTER brings you wellness news and tips to make the most of your mind, your body and your life.

College Savings On the Rise, But Still Not Enough

Americans still aren't saving enough to pay for college, even though they are socking away twice as much as they did during the recession.

Subscribe

Let our news meet your inbox.

Americans still aren't saving enough to pay for college, even though they are socking away twice as much as they did during the recession. In a report released Tuesday, the College Savings Plans Network found that the average college savings or prepaid tuition account known as a "529" plan is now worth about $20,671 — almost double what these accounts were worth during the dog-days of the financial crisis.

The group, which tracks the state-sponsored savings plans, attributes the increase to several factors including a healthier stock market and improved economy, as well as greater consumer awareness of 529 plans and a growing concern among parents of the cost of higher education. According to the report, contributions to 529 plans jumped from $16.5 billion in 2009 to $22.5 billion. At the same time, the $20,671 figure would only cover the first year at a public college or university and about half a year at a private college for a single year of tuition, fees, room and board.

6 ways to maximize student financial aid

00:00

IN-DEPTH

-- The Associated Press

Subscribe

Let our news meet your inbox.
MORE FROM better