In just a few short weeks, parents across the nation will fill out the FAFSA and CSS Profile in order as their kids take the hold short line for college in 2023. (Free Application for Federal Student Aid and College Scholarship Service Profile). But squeezing financial aid (read: loans) out of Uncle Sam can be shooting behind the duck if you have lots of years until the kiddos launch. There are many techniques for building up a college war chest, but how should your family save for college?
Ways to Save for College
To avoid the TLDR effect, this article will cut to the chase with a succinct look at the ways you can pay for and save for college. Don’t worry, the table will have plenty of words if you’re into that kind of thing!
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529 College Savings accounts have become the de facto method to help families save for college, but clearly there are other options. The method that seems best when the children are young may not pan out when the kids are starting to take shape in high school, so a combination of savings methods and accounts may provide the most flexibility.
Saving for college isn’t fire and forget and the planning starts when the kids are born, if not earlier. Action steps you can take today include:
Have a family conversation about goals for college and who will pay for what
Be willing to set limits (or the colleges and student loan providers will set high limits for you)
Talk to your financial planner about the mix of savings methods you’re currently using to make sure you’re not leaving a tip for the tax man
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“Winged Wealth Management and Financial Planning LLC (“WWMFP”) is a registered investment advisor offering advisory services in the States of Florida and Texas and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by WWMFP in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption. All written content on this site is for information purposes only. Opinions expressed herein are solely those of WWMFP, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.