College Planning is Not Just about Saving for College
Many people think that college planning is just about saving for college. The fact is, college planning is about identifying and implementing the college funding and other financial strategies available to help you most efficiently pay for college. By implementing the funding and other strategies available based on your income and assets, you could potentially pay thousands of dollars less for the college education of your child or children. Saving for college is only “one part” of the college planning process.
There are many different options available and we will help you decide which option is best suited for you.
Some options are better suited for the financial aid candidate and some are better for the family with higher income and assets. Choosing the wrong option can be disastrous and cost you thousands of dollars more for college or in lost retirement savings. As part of our College Planning Solutions consultation, we will provide the advantages and disadvantages of each option along with examples to help you decide which is better for you.
For instance, we will point out the pros and cons of using a 529 college savings plan when saving for college. It is important for you to understand the advantages and disadvantages of a 529 plan and how it may work for or against you based on your particular situation. In addition, we will provide information about alternative strategies that will protect the funding for your child’s education from a decline in the stock market.
When comparing various college funding strategies, we’ll show you how to:
- Combine two or more strategies to multiply the benefits of using a 529 plan or other college savings plan.
- Coordinate 529 withdrawals in order to retain certain tax benefits.
- Maximize your tax savings by using a 529 college savings plan and/or other college funding options.
Ultimately, we will help you determine which college funding
option is best for you.
Return
from Saving for College to Cost of College
