The average yearly outlay is $2,562, although some grandparents are spending far more on college costs for the grandchildren.
div > div.group > p:first-child"> At 70 million strong — up 24% from 56 million in 2001 — the group spends a collective $179 billion on their grandkids annually, according to new research from AARP. The average spent is $2,562.
While the nation's $1.56 trillion student loan debt is shouldered largely by millennials, Federal Reserve data shows that in 2018, Americans over age 50 owed more than $260 billion in student loans, up from $36 billion in 2004. "We try to make sure the gifts are small enough relative to our clients' overall assets and income so it's inconceivable that it would cause a reduction of lifestyle in later years," said Myers, a managing member at Fortune 360 Group in Plantation, Florida.
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