How much should parents save for college?

A new report released by the student loan company Sallie Mae revealed that just 48 percent of American families with at least one child under 18 has set aside money for college education in 2014, down from 51 percent in 2013 and 62 percent in 2009. Families average $13,408 in 2014 college savings balances also fell by 25 percent, to $10,040 in 2015.

At the same time, the average annual cost of a private U.S. colleges including tuition, fees and room and board, is more than $42,000 up 21 percent since 2009. Even public university costs are skyrocketing, nearly $19,000 in in-state students a 24 percent jump in just five years.