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HARRIS HELPFUL HINTS
Saving For and Financing Education in a Tough Economy

CHICAGO, August 25, 2008 – A sputtering economy, fewer college loan providers and a lackluster stock market are threatening to drain the financial resources many parents have counted on to pay for their children’s college tuition.

Tougher times often call for tougher measures, and advisors at Harris suggest that students and families take advantage of the advisory services that local banks can provide. This professional advice can help families begin preparing and saving for education, as well as assist students in developing personal budgets, managing student loans and choosing the right credit card for emergencies.

The following tips cover topics you may want to consider and discuss with your family and your financial advisor. Harris consistently provides the following advice around saving for and financing education, but never was it more relevant that in today’s tough economy.

1. Start saving as early as possible – Increasingly, parents are starting college funds before their little ones even start kindergarten. There is no such thing as starting an education fund too early. Once the need for diapers disappears, contribute that extra $60 a month to the education fund. When the days of daycare are over, move that tuition to the college account. And don’t be afraid to ask grandparents or other family members to contribute to an education savings account rather than buying expensive birthday or holiday gifts for the baby.

2. Explore several savings options - There are numerous savings options out there, and many are specifically geared toward saving for education. Many states now offer prepaid tuition plans where you can purchase tomorrow’s tuition at today’s prices. Often these plans offer tax advantages. Other options include 529 Savings Plans and Coverdell Savings Ac counts (CESAs). A quick survey of the Internet and a meeting with your personal banker or financial advisor can provide valuable information and advice on which plan may be best for your family.

3. Understand the real costs of education. Budget and manage realistically – Tuition and school fees are just part of the overall cost of college life. Begin by obtaining a detailed accounting of fees from your college, sit down with your teen and develop a realistic estimate of one-time and recurring costs, including textbooks, supplies, computers, transportation, general living and social expenses before setting a budget. Developing an effective monthly budget -- either with a budget calculator or through a financial professional - will teach students how to manage their money effectively.

4. Plan for the unexpected – Even if you plan well, you may still face emergency expenses at some point during the school year. To manage these situations it is useful to have access to an emergency fund or alternative financing, such as a student credit card or a line of credit. For example, Harris offers a student MasterCard and various lines of credit. Our personal bankers can discuss with you the best way of using each option, depending on your personal situation.

5. Pay as much as you can, as you go – Part-time jobs, paid internships and even small scholarships will all add up and can go a long way toward minimizing the debt you will have in the long run. If at all possible, you will want to avoid graduating with so much debt that your first few years on the job are basically devoted to paying your student loans.

6. Know your financing options – If you do not qualify for government assistance and/or don’t have enough savings, many financial institutions can provide financial help with a loan or a line of credit, such as Home Equity Loans or Lines of Credit. Your personal banker can help you find sources of funding you may not have considered.

7. Plan for today and tomorrow - By having two different bank accounts, students can manage their short and long-term financial needs separately. A checking account is perfect for daily and weekly needs, while a savings account is a good place to park money that will be needed later in the year.

8. Schedule a financial “check up” with your personal banker – Family financial circumstances can change dramatically while you are in college, so be sure to schedule regular financial check ups with your banking professional. Especially during tough economic times, you may find that you qualify for loans that were unavailable to you last year. Scheduling regular financial check-ups with your banking professional is one way to maintain healthy finances. It can also help you make any necessary financial adjustments along the way.

9. Continue pursuing scholarships – many students explore financial aid in the form of athletic, academic or civic scholarships prior to freshman year, and often assume that these important sources of funding are a one-time opportunity. Unfortunately, many thousands of dollars in scholarship money go unused every year. If you have excelled academically, if you earn a spot on an athletic team, or if your extracurricular activities now qualify you for a civic or community scholarship, by all means apply. Several smaller scholarships can add up to big savings in college tuition.

10. Bank smart – Simple choices such as avoiding another financial institution’s ATM machines – and their costly fees – can add hundreds of dollars to your account over the course of a school year. Paying by cash instead of credit for smaller items such as food purchases can also do the same. And perhaps most importantly, protect your identity by shielding y our hand when entering PIN numbers and only using credit or debit cards with reputable businesses.

About Harris
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.

Harris^® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser. Family Office Services are p rovided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.