Service Description

For many families, helping children or grandchildren pay for college is one of the largest financial goals they’ll face. Tuition continues to rise, and while financial aid can help, starting early with a clear strategy can make a meaningful difference. Understanding the True Cost College costs go beyond tuition. Room and board, books, travel, and fees can add tens of thousands of dollars. National averages place the total cost of a four-year degree between $100,000 and $300,000, depending on the school. A realistic view of these expenses is a critical first step. Saving Smart: 529 Plans and More A 529 plan is one of the most common education savings tools. Contributions grow tax-deferred, and withdrawals for qualified expenses are tax-free. Some states offer additional tax benefits. Other options include: • Coverdell ESAs – Lower contribution limits but tax-advantaged growth. • Custodial Accounts (UGMA/UTMA) – Assets belong to the child, which may affect financial aid. Balancing College and Other Goals Many parents struggle to save for college while also planning for retirement. Education funding should align with your broader financial strategy to keep long-term goals on track. Considering Aid and Scholarships Grants, scholarships, and need-based aid can reduce costs. Understanding how income and assets affect eligibility can help families plan more effectively before applying. The Value of Starting Early The earlier you begin, the more time savings have to grow. Even modest, consistent contributions can add up over time. Starting later may require a different approach, such as relying more on cash flow, loans, or alternative strategies. Disclosures: Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.​