YOU'RE WATCHING. TAKE 2. >> WELCOME BACK. SCHOOL IS STARTING UP AGAIN. AND EDUCATION IS TOP OF MIND FOR MANY PARENTS OUT THERE, INCLUDING SENDING THE KIDS OFF TO COLLEGE. EVENTUALLY IT'S NOW WITH SOME TIPS ON HOW TO TURN THAT DREAM INTO REALITY FINANCIALLY IS GRIZZLE MATTER. THE VP WAS CENTRAL PACIFIC BANK. ALOHA. GOOD MORNING, DRIZZLE. THANK YOU SO MUCH FOR STOPPING BY WITH US. GOOD MORNING. SO I HAVE KIDS IS A DIFFICULT WHAT SHOULD FOLKS START SAVING FOR COLLEGE? >> THE SOONER THE EVEN IF IT TAKES A LOT OF THAT, THAT'S NOT THE START. A 5.29 PLAN ARE. YOU CAN START A ROTH. I R WE WITH THEIR CHILD. WE HAVE FINANCIAL THAT BUYERS THAT WILL BE ABLE TO HELP YOU WITH 5.29 PLAN SO THAT I'VE LOOKED INTO. BUT FOR FOLKS WHO AREN'T FAMILIAR, WHAT IS THAT? >> SO 5.29 IS A EDUCATIONAL PRODUCT THAT WE OFFER. >> STRICTLY FOR EDUCATION, SO YOU CAN PAY FOR TUITION BOOKS. LIVING EXPENSES. THERE IS A TAX ADVANTAGE TO BUT PLEASE CHECK WITH YOUR ACCOUNTANT. >> TAKE ADVICE, RIGHT? THERE WERE SOME OTHER OPTIONS FOR PAYING FOR COLLEGE. ANOTHER OPTION IS DEFINITELY GETTING HE LOCK TAKE THE EQUITY OUT OF YOUR HOME HERE AT CENTRAL PACIFIC BANK. WE DEFINITELY CAN HELP YOU WITH THAT. AND YOU CAN ALSO SAVE AND START A SAVINGS ACCOUNTS. AND I KNOW THAT A BIT OF INTEREST WITH LESS BURDEN PLACED ON YOUR KIDS 7 TO TAKE OUT THOSE STUDENT LOANS STUFF LIKE THAT. I KNOW I PICKED UP MY SON VERY HOW CAN YOU TRANSFER MONEY TO A CHILD ON THE MAINLAND OR, YOU KIDS DO GO TO COLLEGE ON THE MAINLAND. HOW CAN YOU TRANSFER MONEY OVER DEFINITELY OPEN A BANK BANK ACCOUNT, A CENTRAL PACIFIC BANK. WE HAVE AN EXCEPTIONAL PLAN. >> THAT CAN PAY FOR YOUR ATM FEES, WHICH ARE UP TO $20 A MONTH. >> YOUR PARENTS HAVE ACCESS TO TRANSFER FUNDS INTO YOUR ACCOUNT. WE ALSO HAVE A CHECKING ACCOUNT OR SHOCK A CHECKING ACCOUNT THAT THEY CAN USE THAT UP AND PAY BILLS AND CHILD CERMONY BETWEEN THE 2 PEOPLE. >> I KNOW I DEAL WITH THAT WHEN I CAME TO THE UNIVERSITY OF HAWAII, MOM, DAD, I NEED SOME MONEY. I HAVE 0 IN MY CAN YOU HELP ME OUT YET SO THAT YOU'RE GOING TO GET THOSE CALLS? DO YOU RECOMMEND OPENING UP A CREDIT CARD FOR YOUR CHILD? >> I DEFINITELY MAN RECOMMEND OPENING A CREDIT CARD. YOU CAN ADD YOUR CHILD HAS A JOINT SIGNER ARE YOU CAN DEFINITELY APPLY FOR A SECURED CREDIT CARD. WE ALSO HAVE STUDENT CREDIT THAT HELPED BUILD CREDIT. >> TUITION AT MANY UNIVERSITIES ACROSS THE COUNTRY IS VERY EXPENSIVE. I THINK WE'RE LOOKING HERE AT THE UNIVERSITY OF HAWAII IN SOME OF THE COMMUNITY. COLLEGE A LITTLE LESS EXPENSIVE, BUT WHAT ARE SOME OF THE WAYS TO REDUCE THE COST OF COLLEGE? >> DEFINITELY APPLY FOR SCHOLARSHIPS, CRAFTS PARENTS, OF COURSE, OR YOU CAN STAY HERE IN HAWAII AND GO TO SCHOOL. >> YEAH, THAT'S A ANOTHER WAY TO DO THINGS THAT I HAD A WONDERFUL EXPERIENCE AND THEN AS FAR AS SAVING FOR COLLEGE, ANY NUMBERS HOW MUCH WE SHOULD SAY. >> THERE TOOLS THAT YOU CAN LOOK UP THAT YOU CAN USE ONLINE. THERE'S A CALCULATOR THAT'LL HELP FIGURE OUT HOW MUCH COLLEGE IS GOING TO BE. BUT IT JUST REALLY DEPENDS WHERE YOU CALL. OF COURSE, IF YOU STAY LOCAL, LITTLE BIT MORE COST EFFICIENT. >> YEAH. SO THERE'S THIS