Paying for college - WMC Action News 5 - Memphis, Tennessee

Posted by: George Metaxas, 11/10/04, 4:15 p.m.

Paying for college

Do your kids know how difficult it will be to pay for their college education? A new survey says they don't, which experts say is a major reason why families need to communicate to avoid going into debt in your retirement years.

The recent national survey commissioned by the Genworth Center for Financial Learning revealed an alarming disconnect between parents and their college-bound children regarding how they will pay for a college education. Forty percent of parents said that they are "not confident at all" that they had saved enough money to pay for their child's education. Yet, two-thirds of high school juniors and seniors are confident that their parent had done so. More alarmingly, 22 percent of parents expected to tap into their retirement savings to help pay for their children's college.

Since college and retirement come so close together, experts say there is usually no time to recover from debt if you borrow too much money for college - which is why parents and kids need to communicate and plan better. The key is to start saving for college early. For instance, setting up a family scholarship fund early and encouraging contributions on birthdays and holidays could leave you better prepared for the added expenses.

For additional information and tips on how to start saving for college, log onto the Genworth Center for Financial Learning .

  • News on WMCTV.comNewsMore>>

  • JUCO PG Malik Rhodes Commits to Tiger Basketball

    Tiger hoops get point guard commitment

    Tiger hoops get point guard commitment

    Tuesday, June 27 2017 11:39 PM EDT2017-06-28 03:39:09 GMT
    (Source: WMC Action News 5)(Source: WMC Action News 5)

      With only Junior Jeremiah Martin returning at Point Guard for the Memphis Tigers, University of Memphis Head Coach Tubby Smith has been searching for back up help at the position. But, he wanted to get someone with more experience than just on the High School level.. He hopes he's found his man in 6'2" Point Guard Malik Rhodes of Barton Community College in Kansas, who announced on Twitter Tuesday his commitment to the U of M. Rhodes, is a natural slasher, with the a...

    More >>

      With only Junior Jeremiah Martin returning at Point Guard for the Memphis Tigers, University of Memphis Head Coach Tubby Smith has been searching for back up help at the position. But, he wanted to get someone with more experience than just on the High School level.. He hopes he's found his man in 6'2" Point Guard Malik Rhodes of Barton Community College in Kansas, who announced on Twitter Tuesday his commitment to the U of M. Rhodes, is a natural slasher, with the a...

    More >>
  • 120-foot cross, topped with crown of thorns, goes up in Batesville

    120-foot cross, topped with crown of thorns, goes up in Batesville

    Tuesday, June 27 2017 11:34 PM EDT2017-06-28 03:34:19 GMT
    The cross, with the crown of thorns, being put in place (SOURCE: viewer)The cross, with the crown of thorns, being put in place (SOURCE: viewer)

    A massive cross now adorns the side of I-55 in Batesville, Mississippi. 

    More >>

    A massive cross now adorns the side of I-55 in Batesville, Mississippi. 

    More >>
  • 'Red Robber' might have left behind trademark clothes, remains on the run

    'Red Robber' might have left behind trademark clothes, remains on the run

    Tuesday, June 27 2017 10:24 PM EDT2017-06-28 02:24:04 GMT
    (SOURCE: Homeowner)(SOURCE: Homeowner)

    The man in red likes to take things - a mower and weed eater from one home, change and a cell phone from someone's unlocked truck, even a little red wagon, and a 2-year-old's lunch box. Neighbors said the thief wears all red and a home surveillance camera caught him as he peered into 2-year-old Willia's backyard where she stored her little red wagon. "If our children's play toys in our backyard at this point, if they can't even have those without worrying about if someone is go...

    More >>

    The man in red likes to take things - a mower and weed eater from one home, change and a cell phone from someone's unlocked truck, even a little red wagon, and a 2-year-old's lunch box. Neighbors said the thief wears all red and a home surveillance camera caught him as he peered into 2-year-old Willia's backyard where she stored her little red wagon. "If our children's play toys in our backyard at this point, if they can't even have those without worrying about if someone is go...

    More >>
Powered by Frankly