Choosing Effective Education Planning Strategies
With the cost of a college education rising faster than inflation, planning early and utilizing appropriate investment and savings vehicles are critical to being ready when college bills come due. Just as no two students are alike, no two families are alike when it comes to preparing for college expenses.
At Commonwealth, we will help you through the many funding options to select an education planning strategy that works best for you. Whether you are able to begin a college funding plan early or later, we will go over your options with you.
Making the Right College Funding Choices
With many education funding vehicles to choose from, selecting the right one can be challenging. To simplify your decision-making, we'll help you weigh the advantages and disadvantages of:
- State-administered 529 college savings plans
- Uniform Transfer to Minors Act (UTMA) accounts
- Prepaid state college tuition plans
- Coverdell Education Savings Accounts
- US savings bonds
- Taxable investments and potential gifting of assets
- CDs, savings accounts, and short-term bonds
- School and federally backed loan programs
- Home equity and personal loans
- Financial aid packages
- Work-study programs