Paying for College Like a Pro
Covering the costs for your children’s college is EXPENSIVE, but careful planning at each stage can go a long way towards helping out your kids while minimizing the impact on your retirement.
Doing college planning yourself can be one of the most daunting financial planning projects you ever take on. If you are early in the process, get to work asap on building up your college savings. If your kids are young, and you are looking for a great do-it-yourself resource for the saving-phase of college planning, check out this starting point at Save For College The site does a great job organizing the information you need to be successful.
The best advice is to make the commitment to saving, even if it’s small amount. From there, refine your strategy using tools like those at Save For College. The reality is that saving enough to cover the cost of 100% of college expenses is unlikely, but doing the math will put you in a better position to make long-range plans.
If the “college saving ship” has already sailed because your kids are near graduation, it’s time to squeeze the college funding system for everything you can. Follow the advice in this article to know you are maximizing your opportunities. You will be surprised how much help there is out there, even if you are a high-income earner!
Understanding the process and taking full advantage of college planning resources can be a major challenge. Get started as early as possible and get help if/when you need it. Hiding from it only compounds the impact it will have on your net-worth and retirement.
