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COLLEGE SAVINGS 101

Why bother saving for college?

Posted: 2014-02-13

by Kathryn Flynn

Why bother saving for college?

Todayís young families are faced with an endless amount of new challenges and responsibilities. Kids can be surprisingly expensive. With regular everyday expenses like diapers, clothes and activities, itís hard to imagine putting away money for things like retirement and college. Furthermore, many parents put off saving for their childís college education because they are still making payments on their own student loans. These parents often feel comfortable with the idea that if they fail to save enough, their children can also rely on loans. The idea of borrowing money to pay for education has become so popular that in FY 2013 the federal student loan portfolio surpassed $1 trillion with over 40 million borrowers. (Source: 2013 Annual FSA Report).

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