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8-1 9:10am Tommy, paying for college

Aug 1, 2014|

Tommy talks to Lauren Lyons Cole, a certified financial planner and contributor to TheStreet.com, about paying for college

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Automatically Generated Transcript (may not be 100% accurate)

Laura -- school financial expert and a certified financial planner joins us right now -- help. I guess sort disposal maybe put it together good morning as lines -- -- May -- you Lauren. Night. Tell me about the whole premise about Americans. And no future value money I guess Sanders and that summary here Americans by a borrowing glasses and her kids' school. And some of the of the better ways of financing a kids' education. If you don't have the means they -- match. Yeah I mean it. Each scene. The eastern. Part of that. -- that. -- congress currently a huge issue our country over a trillion dollars in -- -- a lottery and accurate. Drowning underneath the deployment and I'm medical care. You know they don't want to -- -- that they're thinking about. New -- On -- and -- that -- -- but you're marketing it in Allen can feature. So -- and I like your point about the -- Should have a loan to help pay for college and I was listening to what you're saying I honor your son and I think -- Well -- attacks -- have a daughter and I am actually. What made this topic a Republican at that exact scenario but is not about me this about every. So. When it comes out of the one -- I mean. People. There are -- education there are not alone -- higher. So what selling dot com jeopardize your -- Even though I think -- candidate. You're not happening at that interpret -- and focus -- they're -- they support the conversation -- And I'm -- it even began. I am writing it now -- because an accident. And a sense and wanna be able quoted later as we continue the conversation after you witness so another words just in terms of use of money to hash it setter we're responsible case. You can always -- I don't -- advocated people do this but if -- -- worse. You'll always have a place to live but at least you can. Try to make the payments on student loner you won't wind up without any -- -- burdening hand something along those lines help me out. Ready yet and actually another point -- That bad. Actually. -- But -- what Al elements in -- and after school. I mean. Can -- help. Definitely aren't even a year checking out. Let him do that. And a requirement that thirteen -- figure out there content even from being rhetoric that. And they. You're out there are whether we're they actually. Look at some major -- At -- and you know -- -- understand -- that hopefully. That's something that part of that. That (%expletive) to me people and he had much -- colleges and they've been willing to do. Spectator. So if you're gonna majoring. In pardon me and him any questions as matter of fact 26 1878 till 3866. 89087. We have ms. -- lions cold with this financial expert. And certified financial planner talk about different ways to and creative ways I guess in the most efficient. Cost effective ways to to finance your kids and college education if you look in at that a year or two down -- maybe even. Even fall away and let's start with that if if parents have a child starting college. This fall. Is it too late to decide what you do on if you if you just had to stop gap measure to pay the tuition for this first semester. Yet you know with the -- that formed the idea that you're on actor in January the port of -- Well. Hopefully people are so that. And it. Yeah you're getting -- or are you on football I think that the -- now you can think about it even Austria Baxter -- -- now. Even -- the -- You are probably. Actually they hurt. -- -- -- -- You can wonder what you can do that can help them understand how to act it. Out you know and -- and not at all. -- -- -- -- -- -- -- -- But they're not going to heartburn -- into their investment and -- it and trying to amend it now. Understanding out of it or -- -- the you know hand. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- In terms of degrees and cost effectiveness when it comes to an -- probably just your opinion I don't imagine you have a hard data or maybe you do. Does it depend on what you major's going to be for example I don't get it and I started as an accounting major. How an accounting degree from UN though is -- any less. Then accounting I accounting degree from a higher price school for example here you know pick one. University Tennessee got enough that state university or not Stanford Notre Dame those come to mind. You do who would -- won a prestigious schools in the northeast because it seems like the principles and you're gonna using counting. Are going to be the same no matter what's going graduate from our mine make and stuff up. No you're exactly right and invited that -- that our. The quality of what you're learning Courtney the -- -- attacked and that is that counting your partner and think -- like sleeper here. And -- will be. And networking and -- -- action that you get from more and Denmark Egypt let it cool. And read lips so if you're in your hometown. Go to your home school you don't argued that the action and I RT ED. If you want the New York City and make it there you know it might be worked at night he'd -- -- -- port and the well and -- -- You know a patent ample I never -- Florida that. Great state school an island New York City and an OK so I think it. It really matter I really do believe that the -- you can take out. Toward education. The batter up your network card and why people get out there and if you -- -- I didn't -- -- you can say everybody a lot of money -- potentially more. You went to Florida could you give me a full athletic ride there a single back in May -- major in accounting. Sands and for the full ride for the full athletic ride. Well. Art is an ethnic sound that. Bad. Again. Five nothing and you know overweight and a little. A little bit on the field -- on and on to. So let me ask you this in terms of legacy in terms of -- state by the way -- estate it's going to be divided with tweezers. -- -- -- that. -- -- it comes to if you want alleviate he would. Some then and you know -- do do what's gonna be better for them let's presume that you're selfless let's presume that you wanna leave everything you can for the kids look at -- future value of real estate. And others as future value of money is not to remember that from counting. Okay so would it be better. Financially for the and Harry terror. It would be the entirety. Whoever gets the mine has said there would be better then again. -- graduated lot of student debt. Or better for them. To have no debt. But yet there is no inheritance and says -- house can be whatever. Say the education plus 200000. Parent has 200000 in cash. Which is better suited to elect a kid graduate with no debt war for the -- to have dad and then inherit the 200000. Welcome back to question that you think about it let me check it out. -- -- -- -- it turned out and -- retirement in -- mighty cut at. I'm with him historically. Market and it. Increased by 8% per year. And in the anti union. And you know alone are. Went straight out what to expect that -- and that might accept. If you signed today who are trying to to finance -- 6%. That you -- EXP and and straight. Talker and -- a lot. Looking back -- your money and cash letting. And letting you. Apple and get a good job after college -- economy is you know people are getting. More and more. And and think he -- on the record. Eight under way. Until. And a good -- -- actually. -- minds in the deal. Out ward you know. Then there are here will be applied for grad school that I cracked. -- -- So -- your teacher. You know making thirty. Years. Under out of. I what if for example you have. Say 500. If the 600 bucks taken around the Whitney bank yet kids garden school next year. A new entry strategy will would you tell you what. I'll talk about that off the air okay. Thank you so much free time real quick Lauren and you can call in for this but when you're driving on a highway. And and the lane is blocked off to get the cones in the barrels and and you see the sign with the arrow. Do you immediately emerge over when you see that the Lane's going to be closed or do you go all the way down to the arrows. And then. -- nights I hate to say cut in because experts are saying you should actually use all the real estate both -- should be full. And then one person lets the other when -- what do you do. -- that put the question that I know. That and yet I always get hurt immediately. The man went -- legally and and appetite and oh well there is legendary and are looking at. Thank you and find something and differences do like maybe text while you're driving. Justin hello yeah -- now thank you Lauren. And I quickly and contributor and street the air lines out. About it. And salute I would love for you to come on against -- -- about reverse mortgages which we haven't been. Good time on Tuesday. But no no I don't think so. They -- We'll talk about next time thank you Lauren lions school's financial expert and certified financial planner.

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