Paying For College For Your Kids
To help you navigate the maze of money options when preparing to pay for your kids college education…
I’m sharing tips this week to make the process a little less daunting.
Now you would think I would start by talking about all of the scholarship opportunities available…which there are many.
But according to Scholarships.com, only 15% of students’ college expenses are covered by grants or scholarships.
Don’t get me wrong, 15% is nice… but how do you come up with the other 85%?
If you have young kids or grandchildren, starting a 529 College Savings Plan now is a great option. A 529 plan is flexible and allows you to contribute money in large or small amounts. This money is invested into the stock market.
The biggest benefit is… you can withdraw funds for qualified educational expenses tax free.
The downside is… money that is not used for educational purposes will get taxed heavily. But you have the ability to change the beneficiary to another child or grandchild if you want to.
As with all investments, be wise. Seek advice from a reputable professional and always be cautious of fees that can impact your return on investment.