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Families Benefit From Strategies to Pay for College

| August 16, 2018
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As an independent financial advisor in DC, I talk to families about saving for college. I meet parents whose fear is that the cost of a college education might involve overwhelming loans and crippling student debt. They consider various resources - student loans, personal loans, second mortgages, and credit cards - to cover the costs. Unfortunately, when faced with the reality of paying for it, some families are overwhelmed. That’s not necessary if you have a strategy.

College Savings Plan

If you can, start early. 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 interest working for you immediately, by starting a college savings program now. Starting early allows interest to accumulate on your savings and you will experience a greater investment return than those families with a shorter investment period. 

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 independent 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.


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