College Debt Growing for Students

Depending on where you go, college tuition these days can cost around $30,000 a year.  Then add on books, housing and other costs and there's many reasons why college debt is skyrocketing across America.  Savings, scholarships and strategy are just three ways to make it through college and all the debt that comes with it.   

Bryant Young is not your average high school student.  He says, "I keep myself involved.  I love sports.  I’m the vice president of student body.  I sing in musicals and I’m in the choir."

Young’s getting ready to attend the University of Arkansas this fall.  But his parents have been preparing to pay the bills for his education since he was born.

Greg Young, Bryant’s father, says "Right after they were born, we started some mutual funds and saving, knowing there's no way we'd even have enough money when it's all said and done.  You never can anticipate the cost of college because fees increase drastically every year."

With tens of thousands of dollars looming over their heads, the Youngs know their son has to do his part help pay for costly college bills.

"I think it's important to instill in your kids to do their part and do their best in high school to make grades in high school and to get involved." says Beth Young, Bryant’s mother.

And that, she says, will help bring in much needed money for Bryant.  Young says her part time job the last few months has been finding scholarships and Greg says any scholarship money will help with a college budget.

He says, "There are so many out there that people don't apply for.  If you get three or four scholarships that are $500 or $1,000, those knock off a big chunk off."

Meantime, peeling stickers is helping Keegan Kimbrough; hopefully, peel some money off his high college debts.  He says, "I'm in my fourth year of college.  I have $20,000 in loans and I still have two years left."

That's why Kimbrough works four jobs on top of his classes at Missouri State University.  He says, "It's hard to fashion a schedule around a school schedule. I'm taking 16 credit hours this semester, so it's almost impossible to get one job to fit all that criteria."

He says a mistake he made was not going to college straight out of high school. But he's doing things now to help offset all his college costs.

"I'm worried, but at least my loans are subsidized.  I'm not gaining interest, but I feel it's an investment.  I hope it'll work out." says Kimbrough.

With books costing $600 this semester, he says he has no choice and will keep working his part time jobs and being a full time student.

There are plans out there to help families start saving for college including the 529 plan.  To learn more, you can contact the program in Missouri at 1-888-414-6678.  And for more information on the Arkansas savings program, you can call 1-800-587-7301.

You can also do your own internet search for college savings.  There's a wealth of information on the internet that will help you reach your college financial goals.