Mom hits the streets to help send her daughter to college
BATTLE CREEK, Mich. (NEWSCHANNEL 3) - A local mom is determined to send her child to college, and she's looking for help.
Wednesday Lori Truex kicked off a 79-day fundraising campaign. In 79 days her daughter heads to Michigan State University, and she's doing everything in her power to raise money so she can avoid getting into even more debt.
How far would you go to send your child to college? Lori truex is taking her battle to the streets of Battle Creek.
"We think education is the most important thing," says Truex.
But it's also expensive. Truex says despite a federal Pell Grant and a student aid grant from Michigan State University, they're still left with a bill of $24,000 a year.
"We're simply trying to avoid more parent plus loans on top of what we already have," says Truex. "And that's kind of how this came about."
So, for the next 79 days you'll find her with all sorts of signs, trying to raise money as part of her one mom one year campaign.
"It's like a dirty little secret that we can't afford to send our kids to college and nobody's talking," says Truex.
And she's prepared, with her daughter's 4.0 grades, debt and tuition information.
"People that you wouldn't expect would have a nickel to rub together are so generous," says Truex.
Karen Reeves, a financial advisor at Edward Jones, says the most popular way to save for college is a 529 plan.
"If you continue to find that throughout the years, it will come out income tax free as long as it's used for higher education," says Reeves.
There are also certain savings bonds that can be taken out tax free. Just check with a tax professional. And look at your Roth IRA.
"At any time your contribution can come out tax free and penalty free out of a Roth IRA. The earnings would need to stay in there or you will get the 10% penalty, however, for any reason," says Reeves.
Reeves says even the smallest amount will make a difference.
"Start with $50 a month, you really won't miss it," she says.
This was Truex's first day out fundraising. She stopped at two locations and made about $90. Truex also has a gofundme page, and she's received donations there as well.