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Your Money Monday: Saving for College

SPRINGFIELD, Mass. (WGGB) — The costs of higher education are skyrocketing, and more and more families and students are growing concerned about to foot the bill.

The Associated Press recently reported that the average cost of a four-year school increased 15 percent from 2008 to 2010, and the costs continue to climb.

Once books, food, and other expenses are factored into the tuition and fees, the bill can be staggering.

Monday night, ABC40 had a panel of experts available to take your calls and answer some of your questions.

  • How to prepare to pay for college and strategize your money
  • What to know before taking out loans for school
  • How to avoid defaulting on a loan

Thanks to our experts, who helped take your calls and answer your questions:

Thomas Fox
Cambridge Credit Counseling Corp.
67 Hunt Street, Suite 305, Agawam

Richard Kowal
Country Bank

Nunzio Bruno
Adjunct Professor of Economics, Bay Path College

In case you missed tonight’s segments, here are some helpful links:

How much will that college really cost?

Setting up a budget for college

What types of financial aid can I get?

Do I qualify for student aid?

Apply for federal financial aid with the FAFSA

FinAid.org – Information on scholarships, loans, and saving

Repayment Plans for Federal Student Loans

Understanding student loan default

Introduction to 529 Plans (College Savings Plans)

Consolidating Federal Student Loans

PLUS Loans – Loans available for grad. students and parents of undergrads.

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