It’s still summer, but we’re getting close to a new school year. One day, though, “back-to-school” will mean “off to college” for your children. Will you be financially prepared to help your kids cope with the costs of higher education?
You might consider opening a 529 savings plan, which may offer tax benefits. If you start your 529 plan early, when your children are young, the investments within the plan will have more time for potential growth. Plus, you can make smaller contributions each year, rather than coming up with big lump sums later on.
Of course, your children might receive some financial aid from their college or university. But you can also be on the lookout for scholarship opportunities from civic or religious groups.
You could also cut college costs significantly by having your child attend a local community college for two years before transferring to a four-year school.
A college degree is costly, but many people feel it’s still a great investment in their children’s future. And by taking the appropriate steps, you can help launch that investment.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
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