Everyone has heard the stories of young adults going into debt to pay for a college degree that won’t get them a job that pays enough to pay off that debt. Or parents who sacrificed retirement security to pay for their children’s higher education. As a new generation of parents plan for their children’s future college education, what are some of the most valuable lessons they can learn from the previous generation’s experience?
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There are many things for high schoolers to consider as they prepare to graduate, such as how to fund their education. Scholarships can be a significant funding source for your child’s college education. Many tools exist for identifying the sources that may be most relevant to your child’s situation. The real challenge in winning college scholarships, however, may not be in finding those opportunities or the competition for them, but in motivating students to apply for them.
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A 529 plan is a highly advantageous way to save for a child’s or grandchild’s college education or pay for elementary or secondary school tuition. Earnings grow tax-deferred and avoid federal—and, in most cases, state—income tax when used to pay for qualified education expenses.
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While the cost of funding college continues to rise with each passing year, there are plenty of resources that parents and students can tap into to help offset these spiraling costs.
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There is no special sauce that solves the financial challenge of stratospheric college costs, but using a combination of strategies may help parents fund their child’s education with money to spare.
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