College Planning

The cost of educating children seems destined to continue outpacing the overall cost of living. The average cost of attendance at a four year private college in 2006 high school graduate was over $33,000. If prices continue to increase at 5% per year, the four year total bill for a child who entered college in 2006 will be $142,234! (College Board, Trends in College Pricing, 2006/07)

Parents of today’s infants and toddlers face more daunting obstacles. At the same rate of increase, the total cost of attendance in 18 years project to a whopping $342,000!

There is no need to feel overwhelmed, however. Such statistics do not take into account the record amount of financial aid money that is now available. In addition, systematic savings of even small amounts over a child’s lifetime can add up to some pretty big numbers if prudently invested. Planning ahead, preferrably soon after your child is born, is the key to success.

As a Certified College Planning Specialist, there are many ways I can help families proactively plan for one of the most important (and most expensive) purchases they will ever make.

Paying for College:

• Resources, Grants, Scholarships
  
• College Loans
  
• Alternative Loans
  
• Admission Issues

• Section 529 Qualified Tuition Programs
  
• Coverdell Education Savings Accounts
  
• UGMA/UTMA accounts
  
• Roth and Traditional IRA’s (for college?? Maybe…)
  
• Tax efficient mutual funds and investments
  

• Funding retirement and college simultaneously
  
• Academic strategies to reduce cost
  
• Hope and Lifetime Learning Credits
  
• Parent / Child tax planning opportunities and tax capacity planning
  
• Coordinating investment contributions and withdrawals
  
• Parent and Grandparent estate planning implications
  
• Middle and Upper Income family issues
  
• Affluent family issues