College. What many parents know about the cost of a college education includes overwhelming loans and crippling student debt. College can be expensive. At the same time, college is increasingly necessary if your child wants to be successful in America’s competitive job market.
As a financial advisor in DC, I talk to many families about college funding strategies. Many rely on Student Loans, personal loans, second mortgages, and credit cards to cover all the costs of a college education - tuition, housing, books, food, transportation, and more. Even worse, some prospective students simply postpone college or decide against it because of the costs.
College Savings Plan
Families who are just beginning to think about saving for college for their young children can take advantage of a variety of strategies and tools that help pay for college. Instead of borrowing later, when interest rates will only increase the debt load, it is better to get
College Loan Repayment
For families and students who rely on student loans, there are ways to make "payback" easier. Today plans are available that offer flexible payment schedules. If you are burdened by the monthly payments on federal student loans, you may be eligible for an income-driven repayment plan that is based on your income and family size.
Remember, before you make any final decisions about your college funding strategy, consult your financial advisor about which options are right for your family.
Questions? Get in touch today! We can schedule a time and place to meet and get started on making college plans or loan repayments work for you.
Material discussed is meant for general illustration and/or informational purposes only, and it is not to be construed as investment, tax, or legal advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.