In recent years, what used to be referred to as simply “college planning” has changed. This is due to the fact that tax law changes now allow certain college savings plans (such as 529s) to be used for both primary and secondary school needs AND for setting aside dollars for undergraduate and post-graduate tuitions and ancillary expenses.
Per CollegeData.com, the current average annual cost of tuition, fees, room, and board in 2020 for an “in state student” 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 realize the associated educational dreams. As for the question of when to start, there is one answer, regardless of the age of the child: start now! 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.
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.