The Essential Guide to
College Saving Plans
It is estimated that the average family has saved only $5000 for their children’s college education. That’s less than half of the average cost of a single year at a public institution, and about one-sixth to one-tenth of what it costs to attend a private university.
This serious shortfall in college savings can mean tremendous financial stress for families when it comes time for their first child to attend college. The impact of such expenses can create financial issues for the whole family and pose a serious threat to their ability to make ends meet. Financial aid can help, as can student loans, but student loans can become the equivalent of a mortgage on a young person's entire future without careful planning.
There are many reasons why families are so unprepared for the expense of college. Much of the problem centers on the fact that parents just don’t know what options there are to save for college. Add to that the fact that it is tough to find any spare cash to save at the best of times, let alone in the current economy, and the college financial gap might become so wide, your child might be at risk of losing out on a great opportunity in life unless you start saving for college now.
This special report offers detailed information on what you need to know about the current college savings plans on offer, how they work, their pros and cons. The authors also discuss ways to save money for college even when your budget is tight, and how the money in certain college savings accounts can actually be applied to help paying back particular kinds of student loans. The report will also discuss how your college savings contributions and the interest they earn can be tax free, and how to budget for college no matter what your child's age.
Most importantly, this report shows you that it is never too late to start saving for college, for your child, or even for yourself.
TABLE OF CONTENTS
Introduction
What is a College Savings Plan?
Myths and Facts about College Savings Plans
College Savings Considerations:
How much should you save?
How many years do you have to save?
How much money can you afford to save?
How much risk are you willing to tolerate?
Key Considerations When Opening a College Savings Account
Additional College Savings Tips
Alternatives to College Savings Plans
Conclusion
Appendix:
Sample College Budget Worksheet
The Essential Guide to
College Saving Plans
WORD COUNT=10,100
PAGE COUNT=51 8.5 X 11" PAGES
ABOUT THE AUTHORS
Evelyn Trimborn is a freelance journalist and editor. You can read more of her financial pearls of wisdom at InsiderSecretsCorp.com.
Jim Franklin is a consultant and also a frequent contributor to the InsiderSecretsCorp.com site.
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