Saving for college is an important part of most families’ financial portfolios. As tuition costs continue to climb, unfortunately so does student loan debt. According to Forbes, there are 45 million borrowers who owe almost $1.6 trillion in student loan debt in the U.S.
Kansas Money Coach is a firm believer that you don’t HAVE to have student loans with the right financial plan.
Financial planning is not only one way to help avoid student loan debt for you and your children, budgeting and planning also helps you allocate funds and budget appropriately for it just as you would for other larger purchases like buying a home.
Paying for College
There are some options to cover the cost of college that Kansas Money Coach can help you assess. These include 529 Plans, Education Savings Accounts (ESAs), and Education IRAs. We can help you consider and evaluate tax benefits, tax-deferred options, Coverdell ESAs, prepaid tuition plans, and more as you look at private school costs, community college options, and other educational needs.
Sallie Mae found that almost one-quarter of college costs were covered by borrowing money and families spent an average of $26,226 on college. So, planning for college tuition is something you can’t ignore if you have kids or you may consider going back to school yourself.
Getting Started With Saving for College
Starting early is best, but it’s never too late to start saving money for education. Your financial advisor at Kansas Money Coach helps you assess all of your financial needs holistically, including building an emergency fund, budgeting, saving for college, and retirement planning. We help you with various steps including:
Making a plan and including college savings as part of your monthly budget
Starting a college fund as early as possible
Understanding the full picture when it comes to college costs so you know what you’ll need to save
How to make saving part of your daily financial life