There is no doubt that people who obtain a college education earn higher incomes over the course of their lifetimes. The years spent at a university also prepare students to navigate a complex world with the ability to think critically and solve problems. It is also not a secret that paying for college is expensive, and tuition continues to rise every year across higher education. The thought of paying for your children’s college can be stressful. There is often a great deal of uncertainty surrounding how much it will cost by the time they get there. A knowledgeable financial advisor can assist you in college planning, easing some of the worry with an education savings plan.
The cost of attending college includes more than just tuition. Schools charge numerous additional fees, and there is room and board to consider. The amount you are charged increases significantly if your child attends an out-of-state or private university. What you end up paying out-of-pocket, however, depends on several factors, including:
A 529 college savings plan allows you to save for your children’s college, while also permitting you to withdraw from the account without incurring taxes, as long as the money goes toward education. As financial advisors, we help you evaluate options and set up a plan that is suitable for meeting the educational needs for your children. Prepare now for the cost of college. Contact our office today, and let’s get started on developing your college savings plan.
*Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.