Q: Why is it important that parents get advice when saving for their child’s college education?
A: “Every dollar saved is one that doesn’t have to come from somewhere else — most notably these days, it’s through taking out loans,” says Tim Gorrell, College Advantage executive director. “The average loan debt is roughly $30,000. A larger number of graduates graduate with loan debt. There is just a better way. You want to be able to have the funds consistent to maintain your standard of living. Even if you get help with saving half or a quarter, it’s the best way to go because it minimizes that debt. Overall, think of [saving for college] as any other large purchase, a car, a home appliance — we encourage savings and investments in the education that you’re going to buy. People feel good about the advisers — it’s more comfortable instead of trying to navigate [savings] on their own.”
