"Do you need some college money, honey?"
This is the question every parent and grandparent of high school and college-aged students wants to ask... and many want to be ready to generously give! However, college costs are continually on the rise, government plans are always changing, and sadly - many families answer this question with college debt or delayed retirement savings goals.
A large part of any family legacy is dependent on the "college funding decision" - how are you equipped to make that decision today?
How do you know if your...
... current college savings strategy is sound?
... current 529 Plan is sufficient?
... student is getting the best deal, the best scholarships, and the highest merit for the work they've done so far?
... student can graduate debt-free while your retirement plan stays on track?
Maybe you make "too much money" to pay for your student's college education... which places you in a College Funding Donut Hole. Will you pay for college from past or current savings (529 Plans, etc.), current cash flow, or future savings (Roth IRA's, Traditional IRA's, or 401k Loans)? Gifts from grandparents or other family members? All strategies have significant effects on your tax situation and cash flow... which one is best for you?
Let us provide a COMPLIMENTARY REPORT with current estimates of college costs for any college in the United States, and help you pursue the highest merit scholarships for your student.
- Blount Financial Stewards is proud to help you save ON - and not just FOR the cost of college. With proven tools and strategies, we can help you:
- optimize tax efficiencies for business owners entering the college planning phase of their family life.
- find merit scholarships to reward your student for the hard work they have accomplished in High School.
- take a deep dive into your comprehensive financial planning scenario to make sure your strategies involving paying for college can complement your retirement goals.
If your student is a High School Freshman or Sophomore, you know that you need to get going with a plan. If your student is a Junior or Senior, you've entered what is called Late-Stage College Planning. At this point, it's time to activate the plan. Did you know that many colleges compete for students with academic merit from affluent families?
Today, a family can easily exceed $250,000 in college costs – for one child!*
There are two different prices for a college education - one for the informed buyer and one for the uninformed. WHICH PRICE WILL YOU PAY? Making well-informed college savings, planning, admissions, and funding decisions can help you send your child to the appropriate college, potentially save out-of-pocket college costs, and can help you avoid student loan debt.
Uninformed decisions, mistakes, and missteps may drive up your college costs. With our help, you can have answers to these vitally important questions:
- Will we have to pay the school’s sticker price?
- How much will we be expected to pay out-of pocket at selected schools?
- Which schools would be a good fit for my child – academically, socially, learning style, etc.?
- Which schools should our child consider in order to get the best financial deal in the form of financial aid and scholarships?
- Will we qualify for financial aid?
- How much financial aid could we expect?
- How much in free money (scholarships/grants)?
- Can we increase our financial aid award? How?
- If our income is too high to qualify for financial aid, what can we do to reduce out-of-pocket college costs?
- What merit scholarships, at selected schools, is our child eligible? How much could they expect and what are the requirements to obtain them?
- How can we increase the likelihood of getting scholarships?
- What are the mistakes to avoid that may significantly drive up college costs?
- How can we get more free money for college?
- What is the best way for the grandparents to help fund college costs?
- Are 529 Plans an appropriate choice?
- Which other savings options may be better, in light of our circumstances?
- Will we qualify for tax credits? How much?
- Can we leverage our business to reduce college costs? How?
- Would test prep benefit our child? In what ways could it reduce college costs?
- How can we maintain or increase cash flow during the college years?
- What are potential funding strategies for covering any shortfalls?
- Which savings options are appropriate in light of our circumstances?
- Should we set up a trust account for our student? Would it drive up or down our college costs?
- Should we pay college with after-tax income in light of other options?
AND MANY MORE!
You should expect more than simplistic, one-size-fits-all college-savings strategies from a financial advisor. WITH OUR FIRM, YOU CAN EXPECT MORE AND WE ALWAYS STRIVE TO DELIVER MORE!
Click HERE to watch a short overview video of our services!
If you are ready to start a conversation with us and receive your confidential, COMPLIMENTARY REPORT, CLICK HERE.
Learn More About Education Planning
*Source: College Board 2021 data analyzed by Collegiate Funding Solutions, Inc. Includes tuition, fees, room and board
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
