With respect to college planning, one must necessarily first consider the cost of obtaining a secondary education. Per CollegeData.com, the current average annual cost of tuition, fees, room, and board in 2020 averaged $26,820 for an in-state student and almost $54,880 per year for students at a private college or university. What’s more, all of these fees are rising annually, making the dream of providing a high quality education for your offspring or family members considerably more challenging. For parents, grandparents, aunts and uncles, and other family members interested in saving for a child’s education, proper planning is required to help realize their educational dreams.
While many of us can continue to hope for financial aid or even the awarding of a scholarship, the fact is that neither is guaranteed. In recent years, tax law changes now allow certain college savings plans to be used for both primary and secondary school needs AND for setting aside dollars for undergraduate and post-graduate tuitions and ancillary expenses. Brian will help you sift through the many available college savings plans on the market and choose the one that’s right for your financial situation. Together with you, he will explore the tax benefits, contribution limits, and the associated risks of each investment option.