But, how are they saving? And what financial vehicles are they using?
7 On Your Side's Michael Finney spoke to Colleen O' Brien from Charles Schwab., and explored the options available for parents.
Watch the video above to see the entire interview.
Also, here are a few links to more college savings sources from Charles Schwab:
Schwab's guide to college savings options
529 College Savings Plans
Differences between 529 plans and custodial accounts
Take a look at more stories by Michael Finney and 7 On Your Side.