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www.wmfd.com - The start of a new school year is a good time to revisit your plans for saving for a child's college education and whether you need to save more, or you're not saving at all, Karin Caifa has tips to get you on the right track, in today's Consumer Watch. }}" />

   
 
 
Consumer Watch: Have A Plan For Your Child's College Fund

Story By: Larry Stine

 

 

 
 
 
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  Original Published: 9/8/2013 The start of a new school year is a good time to revisit your plans for saving for a child's college education. Whether you need to save more, or you're not saving at all, Karin Caifa has tips to get you on the right track, in today's Consumer Watch. How do families pay for college? According to an annual survey from student lender Sallie Mae, 30-percent of the total cost comes from grants and scholarships, the rest, from parents' and students' income, savings and borrowing, with a small percentage of help from relatives and friends. Salle Mae also found only half of families are actively saving for higher education. The other falf cite reasons such as not having enough extra income, or other financial priorities. Any amount of savings is a step in the right direction, and college aid guide, FinAid.org recommends simple steps like making savings automaticm either with a direect payroll deduction into a college fund, or sending money from a checking account right to savings. Redirect old monthly payments towards a college fund. If you finish paying off a credit card or other loan, throw the amount of money you were spending, into savings. And, the solutions to paying for college don't end with a diploma. The Consumer Financial Protection Bureau says about one-quarter of U.S. workers are in pub;ic sector jobs that could be eligible for some sort of student loan forgiveness, including teachers, librarians, law enforcement, nurses and more.
   
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