Every parent looks forward to that time when their children get accepted to their chosen college or university. It’s a time of great excitement and pride of accomplishment for both parents and children.
It is also a time of nervousness and uncertainty for both parties regarding the new environment, friends, work load, and most importantly, finances.
College planning often seems like a daunting challenge when you hear or read about the cost of a university education. Unfortunately, college costs continue to escalate and projections indicate that those parents and students without college funding plans will come up financially short for education expenses. But, where can you turn for help with college investment plans? Here are some suggestions for college funding options.
• College counselors. Like professional career coaches, college counselors try to help students and parents navigate the maze of scholastic and financial planning needed to have a successful university experience.
• College investment planning funds. College funding options, like the Gerber Life College Plan, offer help and information along with programs structured to saving for college. With flexible options, you can plan for college at affordable investment dollars.
Saving for college is challenging, but you have some excellent options. When you save for college, knowledge is power. The key is to identify the college funding options that are best for you. Here are some proven suggestions.
- 529 College Savings Plan. College planning becomes easier and cost effective with a 529 educational savings account. Two features are primarily important: You can contribute up to your state maximum per year. Equally important, your earnings will grow tax-free.