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The number of college graduates to folding on their student loans and filing for bankruptcy has risen dramatically in the past few years.
And it's no wonder with the rising cost of college tuition and frankly the sorry state of our economy so.
Happening go to college without going broke here to tell us is James -- former president -- college parents of America.
James welcome back to the show in great to see you again.
You know this is at such a big question for so many parents out there and they're used to be a time when you know you can work your way through college.
Work that just as go down that it doesn't work any more of what should people do.
Well -- like to tell people in there are three ways to pay for college before during and after.
-- to the extent you can save as much money as possible wire -- your children are.
To from the time they're born until -- get ready to go to college that's gonna take away the pain of paying in real time when they're in school.
General course lessen the chance that you -- them we'll have have to take out substantial student loans after they graduate.
All right so you should be.
You should be -- throughout obviously shouldn't say before save jury and they got to pay down like heck afterwards obviously I think that's.
Pretty clear to most parents out there what are yours favored savings vehicles for mom and that.
-- the so called 529 savings plans -- the best way to save for college.
They only started about ten or twelve years ago in earnest and most people perceive.
That they should go with the plan in their own state.
They should really look across the country because the money can be used at any college or university in the United States.
And some plans offered decided advantage -- advantage in a particular state.
But if that plan is not performing well or has had financial problems or is has a chance of being.
Hit by the state legislature.
And you may want to think about a plan and another -- because those funds can still be used in in your state.
Great website for those by 29 plants saving for college dot com it is a great place to go we'll put up on our website -- a little dot Conti did see edits.
-- it really makes a difference if you start early.
But typically I get a -- I think -- a lot of parents are feeling out there is there's a point -- just saving more.
Doesn't cut it look we've got.
Without inflation in this sector at 6% a year over and above inflation if you go to a private school right now higher paying 27000 dollars a year in tuition fees.
A public school say college maybe 3000 may be up to 7000.
I mean the numbers are staggering for middle class families what can be done what should be done.
-- in terms of policy out of Washington or even know at the kitchen table to make this less onerous.
Well and what can be done what should be done is actually not just the kitchen table but the board room of colleges and universities the governing boards of these schools really need to take a hard look.
At -- college needs to cost so much.
And there are a lot of private sector companies out there trying to break the mold and higher education and offer courses at a much lower cost.
Because there really is no need especially for the core courses.
Could cost as much as they do.
So the kitchen table debate is actually how to deal with this incredibly high cost that is being thrown at parents by colleges and universities.
They don't seem to have the muscle of cutting their own costs and instead look to balance their budgets simply by asking parents for more and more money.
Well I can say that better myself -- up a great job thank you so much for coming and really appreciate it thanks.
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