Tag: Paying For College

Parents Make Tough Decisions To Pay For College

Middle age is prime time for saving money. From your late 40s through early 60s, you’re supposed to squirrel away cash to cope with health care costs in your old age. But for millions of Americans, middle age also is the time when children are seeking help with higher-education bills, and elderly parents may be needing assistance with daily care. Scott and Kelley Hawkins, both 46, are in that middle position. As they brace for paying rising college expenses for two daughters in school at once, they know they will have many tough financial decisions to make. “A lot of extra stuff we used to have money for, we don’t have the money for” now that the hefty-tuition years are looming, Scott Hawkins said. The article is from NPR’s Family Matters series.

Source:Carnegie Foundation

More Families Cannot Save To Pay For College

American families are scaling back plans to pay for their children’s college education as the stunted economic recovery continues to weigh on household budgets, according to a survey by Sallie Mae. The study found that the percentage of families who planned to make little or no contribution to tuition increased, while the percentage who expected to cover more than half of expenses decreased. In addition, the percentage of families who said the reason they are not socking away money for college is that they cannot afford it rose from 62% last year to 68% this year. Source:ECS