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College Financing: Get the Facts
(ARA) - "How in the world are we going to pay for it?"
This is a sentiment expressed by more and more parents as they contemplate the staggering costs of sending their kids to college. Tuition, room and board, meal plans, fees, books and other costs associated with higher education are soaring due to severe budget cuts at the federal, state and even institutional levels. Throw into the mix an uncertain economy, widespread job loss and a stock market slump, and middle-income and even upper-middle income families are frightened.
But Vincent Waterhouse, president of GetCollege.Com, Inc., says that families can save up to 50 percent or more on the total cost of attendance if they are armed with the right information. "There is a lot of myth and misinformation out there that can cause families to make bad financial decisions," he says.
Waterhouse, who advises families with college-bound children, states that middle-income Americans, the backbone of America, have been especially hard-hit when it comes to paying for college. “With today’s economy, 401(k) plans down, the stock market tanking, and the total cost of attendance at a college or university increasing three times faster than the rate of inflation, middle-income and upper-middle income families are experiencing what is known as “financial meltdown,” he explains.
Compounding the problem is the kind of advice they are getting. “These families with college-bound students are about to make the biggest investment they will ever make concerning their child’s future, and they make their decisions based on a 15-minute conversation with a 50-something guidance counselor named Mildred, who has had limited if any training in the complexities of higher education financing,” bemoans Waterhouse.
Making matters worse is the antiquated federal methodology used for determining who is eligible for assistance. “Based on formulas designed in 1965, the government estimates that a family of five with one child in college can live on $23,000 a year. That’s your electrical bill in L.A.!” says Waterhouse.
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