When it comes to funding a child’s or a grandchild’s college education, there is no single “right” answer. For some parents, a private college is a priority. For others, a state-supported institution is the preferred goal. Some parents intend to support a child’s entire education, whereas others believe that their children should share the financial burden through a combination of student loans and employment. For some families, grandparents are able to make significant legacy gifts towards higher education needs.
Ivy League Financial Advisors does not suggest which path a family should take for higher education funding. But we are experts at analyzing a wide range of scenarios and can create and can help you implement an effective college savings plan.
Our college planning services begin with a review of our data on the anticipated costs for a college education, based on the type of experience that a parent prefers (private institution, state institution). We project those costs into the future, based on children’s age and likely years of entry to college. Then we compare those anticipated costs of higher education with a family’s current college savings. From this, we develop a plan of action that includes both savings goals and investments that are designed to become safer as the college years approach.
Ivy League Financial takes it a step further at the implementation stage, such as by helping our clients select and set up a 529 savings plan that provides tax advantages for saving for college. When gifts from grandparents or other relatives are anticipated, we suggest how those resources can be shared in a way that does not undermine a student’s eligibility for loans and other financial aid.
The bottom line is that college is costly, and that’s not going to change. It’s important to start early with a college funding plan and stick with it. Call Ivy League Financial Advisors today and find out how we can help you get prepared.