Save for college

Saving for college is an ever-growing challenge. First, the financial demands are great: a typical 4-year private college in the United State is upwards of $40,000 per year in tuition, room and board. In fifteen years, it could be double that, so it’s important to begin saving as soon as possible. While your child (or children) may be eligible for academic scholarships, there’s no way to know years in advance.  Second, the rules and requirements for various types of financial aid can be dizzying. Generally, needs-based aid depends upon your income—so even if you have nothing saved for education, your child may not receive aid if your income exceeds certain thresholds. And even if your child does secure aid, it often comes in the form of loans, rather than grants. Clearly, it’s important to save wisely and use the correct investment tools. Following are just a few of the topics you may want to discuss with Winslow’s financial experts:

  • How to balance saving for both college and retirement.
  • Why a seemingly good idea like a Uniform Transfer to Minors Act (UTMA) custodial account may actually be an expensive mistake.
  • How to accept financial gifts from grandparents or other benefactors in a cost-effective manner.
  • What you need to know about a 529 education savings plans.
  • How to learn if you’re eligible for education tax credits.

 

Winslow’s Investment Services and Vehicles

 

What approach is right for me? 
Which type of financial professional is best suited to my needs: an investment advisor broker, insurance agent, or financial planner? MORE