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-- Well at that time of year not Christmas.
High school seniors racing to the mailbox to find out -- they gotten -- to their college of choice.
But with the joy comes concerns for parents how am I ever gonna pay for this take a look at this but cost are -- -- an astronaut.
After not they're big they think they're really really big and they're climbing every year to make matters worse the federal pell grant program is facing an almost five billion dollar budget gap.
So would -- to do it let's have the money coach -- that cal funny Cox why is there a gap and what the holy heck do you do it.
If you're in the situation you need the money and -- sat there well we're broke remember that as a nation that's the story and her.
You know we've got a lot of debts and obligations congress has to approve this.
And the challenge for families as you just alluded to is that you know this is the season what people are getting those early admit letters.
And mills' financial aid packages this is do -- -- I because just think it's one college offers you.
Say a pell grant of X thousand dollars and another one doesn't which one you most likely to choose -- -- -- a big issue right now off the for a lot of families.
What would you tell parents to do what their situation well the thing I think all parents should be doing not just parents of high school seniors if you've got.
Middle aged kids like my teenager my ten year old -- my five year old even.
Start saving now plan ahead do -- its earliest possible.
You know unfortunately a lot of families resort to loans and we know that college students are coming out of being out of school they say some kids at the College Board says 23000.
Dollars is about average student -- -- that's enormous.
Not to mention credit card debt that a lot of students are racking up so start saving and think about alternative.
Sources of financing for your kids got to do what message that's the big question what do you do if you can't get enough financially -- there are other -- absolutely I tell people there's five sources of financing that every family should resort to before they even think about loans federal -- -- Those five -- scholarships.
Paid -- -- not the -- paid -- hello.
It all and work study and in the family's own resource -- -- if you brought something great here not the NP kind.
You know X -- I won't say how many years ago.
When I was in college I remember getting my first intern -- at WPA RT be an ABC affiliate in Florida I was so happy to get his internship.
Did not even care.
Not like that you don't loan that.
But the bottom line was that I was happy to get internship for experience the foot in the door the connections probable -- none -- -- -- that's not enough now -- days.
If your kid it's going to be spending 101520.
Maybe -- 25 hours a week or so.
An internship they've got to get those dollars like -- families only accept paid interns it.
You know another good idea though that I think people need to think about and -- often gets lost.
He's sort of need to match -- costs for the education with what you might make.
Oh absolutely have to be a connection there you can't go to school in New York City and pay a good billion dollars for your education exactly going to journalists -- Precisely and not only can you not -- to be very.
Cost -- schools and costly areas.
You can't take almost a lot of student loan debt if -- know that your children perfection frankly isn't gonna pay a lot of money.
I think people writing me all the time talking about their student loan debt burden that there now we -- Social workers teachers god bless them world would have done well without them those say but they're making 253040000.
-- and there have been six figures worth of debt.
That's unmanageable until we really do have to think about more reasonable ratio of sort of on the one to one level I think is where if you thinking.
I'm gonna get paid about 30000 dollars my first year out.
Then your student loan debt to be no more than 30000 because you're gonna have to be -- -- over -- -- Watch out people don't get too much college that are thankful that the real time.
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