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“45% of Americans with student loans, and 56% of those between 18 and 29, have put off a major
Eric’s Note: Tax benefits are specific to Alabama. Originally published at www.mcclainlovejoy.com: http://wp.me/p31Bd2-w9
Does the thought of a $100,000 college bill for one kid leave you feeling out of control? You can use a 529 college savings plan to save and pay for college in a tax preferential way
529 is tax code section which enables states to setup and offer college savings accounts. They come in two flavors–Prepaid Tuition plans, which we generally suggest you avoid.
Ccontributory plans or 529 college savings accounts which operate like a 401k/403b retirement plans with contributions dedicated to a single goal: paying …Read More
Saving for college is a priority among many parents. Often we are asked about the right savings vehicle for college education. There are a few that parents can choose from between Coverdell ESAs, prepaid tuition and 529 college savings savings plans.
We’ll discuss the 529 plan here. The 529 plan is essentially a college savings vehicle very similar to an IRA or an employer-sponsored plan. Depending on the state you live in your state may have a 529 plan that will have access to stock and bond mutual funds and or a pre-determined mix that will invest the money and …Read More
While we are not endorsing the position taken in “Why parents shouldn’t pay for college,” we are going to discuss some of the ideas presented.
Author Liz Weston spoke with Professor Laura Hamilton, co-author of the book Paying for the …Read More
As a financial advisor that focuses on serving a Generation X clientele (including many people with graduate degrees!), one of the hot button issues that I run into is: “How do I save for my children’s education in light of spiraling education costs?” While I believe there are some cataclysmic changes coming to higher education in the coming years, here are some tips to keep in mind as you put money away and guide your children in their educational decision making:
Instead of trying to keep student loan debt to a certain percentage of their expected salary, I believe students …Read More