Bruce Meskenoff Interview - Smart Ways To Payoff Student Loans Show: www.thestudentloanhelpcenter.com Paying for your childs college may be the 3rd biggest expense you face next to retirement and paying for your house. Saving for college is great if you can start early and save often. Paying for a child’s education over 20 years is better than paying for in 4 years or less. Sometimes life does not go as plan and you don’t have enough money for their college. So you have use student loans. In 2012, the average student had $29400 in student loans.