It can be intimidating to have one or more children in school. You may begin thinking about saving for college when your kids are still young, and that’s a good idea. What are some other suggestions for funding college? Here are a couple of things you need to know about:
- Start an education savings account – A 529 Plan allows you to save for the further education of your children while also receiving tax benefits. Each state sets its own limit on how much you can contribute per year, so see if you and your spouse can share an account or if it would be more advantageous to each contribute to a separate account. While the funds contributed to the account have to be used for higher education, this can include everything from tuition fees to a laptop for the student.
- FAFSA – Make sure your students fill out the Free Application for Federal Student Aid, even if you think you make too much money for them to qualify. FAFSA is about more than grants. It also includes work-study opportunities and lower APR student loans.
Your Source for College Financial Planning Advice
College Planning Source wants to help your family plan ahead for college admissions and financing. Whether you are trying to calculate the funds your child will need to get a college education or you need help find the right places to apply for aid, we’re here for you. To learn about the many ways we can offer assistance, please call us today at 858.676.0700, or you can request more information about our services using the contact form.