Paying for college?
Everyone knows that college tuition has been skyrocketing since 1980 and many feel the pain of $1.74 trillion of student loan debt. If you are a parent or plan to be, college looms out there like a scary monster that is impossible to tame. If you have some of that $1.74T you feel it too.
Over the past few weeks I have had more conversations around college funding or college savings plans for kids. It is a noble act for parents to want to provide for college knowing it will be a sacrifice and economic boost for their children. Some want to and are unable given means or circumstances that stand in the way.
I thought I would take a moment and give three things to ask yourself if you are planning to save for college. There are different ways to go about it and multiple financial tools you can use to get to the same end.
How do you want your savings to grow? Stock market based with ups, downs, growth or something more guaranteed?
What type of flexibility would you like with your savings? Do you want it only for college or to use for other options?
Would you like your savings to have a life beyond college? Many options pay for college but have life beyond college. Some options can pay for college and have benefits that extend beyond those 4 years.
Here is a unique article that discusses many of the key statistics related to college.
You can also listen to our recent podcast episode on the subject for the expanded conversation.
https://podcasts.apple.com/us/podcast/whats-up-with-money/id1685985629
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
Jonathan