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 .

  • Trending StoriesTrending StoriesMore>>

  • Severe reaction to new sandals leads woman on a painful path

    Severe reaction to new sandals leads woman on a painful path

        One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction.  She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>

    One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction. She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>
  • 'The Phantom' serial killer of children out of prison, living in Tucson

    'The Phantom' serial killer of children out of prison, living in Tucson

    Thursday, April 27 2017 12:17 AM EDT2017-04-27 04:17:43 GMT
    Friday, April 28 2017 11:32 PM EDT2017-04-29 03:32:02 GMT
    Convicted killer William Huff was spotted riding his bicycle through a Tucson neighborhood. (Source: 3TV/CBS 5)Convicted killer William Huff was spotted riding his bicycle through a Tucson neighborhood. (Source: 3TV/CBS 5)

    William Huff terrorized Sierra Vista during the spring and summer of 1967. Despite a sentence of 40 years to life, the Arizona Board of Executive Clemency voted to release him from prison into home arrest. Family members of the victims are concerned for the safety of the community, as are new members of the Clemency Board. CBS 5 Investigates videotaped Huff riding a bike through his Tucson neighborhood. There are no restrictions placed on his proximity to children.

    More >>

    William Huff terrorized Sierra Vista during the spring and summer of 1967. Despite a sentence of 40 years to life, the Arizona Board of Executive Clemency voted to release him from prison into home arrest. Family members of the victims are concerned for the safety of the community, as are new members of the Clemency Board. CBS 5 Investigates videotaped Huff riding a bike through his Tucson neighborhood. There are no restrictions placed on his proximity to children. 

    More >>
  • 'I got 2 clips!' Impatient mom pulls out gun, threatens barber cutting son's hair

    'I got 2 clips!' Impatient mom pulls out gun, threatens barber cutting son's hair

    Friday, April 28 2017 5:45 PM EDT2017-04-28 21:45:21 GMT
    (Source: Crime Stoppers of Cuyahoga County Facebook)(Source: Crime Stoppers of Cuyahoga County Facebook)

    Police are looking for a woman who pointed a gun at a barber all because her son's haircut was taking too long.

    More >>

    Police are looking for a woman who pointed a gun at a barber all because her son's haircut was taking too long.

    More >>
Powered by Frankly