College is expensive these days. In fact, according to The National College Board, the yearly average tuition for a four year school (in-state) is $10,440. That’s over $40,000 in total cost for a college degree….and that’s JUST the tuition. It is a high hurdle for many students to conquer all on their own. Families also have to factor in additional expenses such as room and board, books and supplies, or technological necessities. Not to mention meals, personal expenses, and/or transportation costs can add up too.
More than ever, it’s important for parents to plan ahead now to make college more attainable in the long run. It’s essential to know the overall cost, and how much to save over-time to climb towards that goal.
Just like the bread we buy at the grocery store, college also gets more expensive every year. Statistically speaking, college inflation has increased dramatically over the years, and it doesn’t look like this trend will stop anytime soon. (“Trends in College Pricing 2019”)
Moreover, student loan debt has literally become a financial crisis in this country. The loan burden is often a hindrance when it comes time for young people to get a mortgage or pay for childcare once they start a family. It can be financially crushing for those who are required to spend many years paying off student debt.
Are you interested in providing your children, grandchildren, or family members with a college savings account? We, at Trifecta Financial, can help guide you through this process. It is essential to understand the complexities of building college savings over time.
Here at Trifecta, we offer 529 plans, Education Savings (Coverdell) Accounts, or Custodial accounts for minors. Each account type has its own specific rules and tax benefits. In some instances, K-12 education or other expenses can be covered by these plans as well. Even if savings end up not being utilized by the originally intended student, we can offer alternative options for the original benefactor on accounts. We consult with our customers to answer their questions regarding future education coverage for the students they care about.
Together we can form a college savings plan that works best for your family. We want to ensure that your specific wants and needs are met in a timely yet practical manner. We are here to help! Please contact us at 309-323-0737 for more information.