Tips to save for your child's college tuition
What can you do right now?
- Duration 4:19
- Date Jul 29, 2012
What can you do right now?
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Feeling a little heartburn about your kids going to college I bet a lot of parents are tossing and turning at night because paying for your children's college tuition if you are.
-- watching them take the loans they'll need to.
Well it could cost more than 200000.
Dollars to send your little boy or little girl to college in the year 2030 that's the estimate in -- study out this week.
So in today's take charge consumer protection segment I wanna tell you how you can better prepare for this huge but all important expense pat how.
How he -- at the founder and CEO of the -- financial group pat how are you today.
I'm doing great thanks for having Jamie you know it's a pleasure in this topic will help so many people this particular take charge.
If you're a parent of a young child what can you do right now and how much do you need to do right now to make sure your child gets the right education.
Well Jamie quite frankly I've never seen at parent over save for college education so I think the first thing I have to do is start.
They have to they don't wait until the kids going into high school.
Start immediately if you haven't done so already if you can't save the thousand dollars a year saved 250 dollars here.
Get going on something because college is going to beyond you before you know it -- -- get more than one child you going to really find yourself stressed over the money.
And one of the things senate that parents are concerned about is that if their child will plan to take college loans.
They really can accumulate so with the jobs prospects DM.
-- graduating seniors that are now graduating with more debt than they ever had I.
They're hurt doubly so absolutely what you recommend how much debt is too much for college -- well.
I I think the average the average college debt now is it about it stands at about 24000.
Dollars and that probably is manageable if you can get a job.
But for most kids what you have to do sort of back cool off from that graduation.
And start making better decisions before you graduate.
For instance you've got to look at your job prospects is -- If -- -- degree going to actually enhance your job prospects.
I was joking with you a little earlier today -- saying that there aren't that many philosophy companies out there hiring right now but engineering jobs go wanting.
Choosing your major is very important.
Also there aren't that many good job prospects for CND students even though they get a diploma.
You wanna be the AMP -- those of the kids are gonna have the most job opportunities and they're gonna get the best pay out of out of all that's out there I.
I want to get your advice on scholarship money -- you say the choice of school can make a big difference on what you're able to get but also.
-- parent only has five or ten dollars a week they have two or three kids is it worth it to even put that money away for college and where should you invest it.
What you bet you should absolutely start putting it away even if you only have five dollars a week.
You put you start in a US segregated account don't mix it with your other money because -- net it will always be used for some other purpose.
I happen -- 529 plans every state has its own 529 plan some states give a tax deduction for the state if -- used their plan so one of the great resource is out there there's website called saving for college dot com.
I encourage you -- you viewers to go and look at that.
You can have a wealth of information and it will be tailored to your state as well as general information that's awesome -- and then finally on the scholarship money you say choose the school carefully -- meet Bristol this more scholarship money out there than people realize.
But it's not going to be there if you choose to your child goes to this the hardest school at that the possibly get into they got into this stretch school.
If you if you look at -- what it would be a normal school for them away they would be the best student applying.
You'll often find scholarships that are not need based they're just looking at the SAT scores they're looking at the the great so if you have a good students.
Maybe you don't wanna go to the best school they can get into because you can get them into another school and they would use they can go sometimes -- -- but sometimes can't.
And that's a tremendous help to you.
Does a great tips pat thanks so much I really do hope we've helped folks today get their kids the education they need a lot not load him up with debt.
-- they can't find the job that they want thanks so much -- great to see you went for more on --