- Planning for Your Children's College Education
- Tax Savings Opportunities
- Big Picture Preview
- Fund Your Retirement Plans First
- Don't Agonize–Get Active
Here are the key considerations for developing your college funding strategy:
- The cost. How much money do you need to come up with? Can you afford the school you have chosen? Have you taken inflation into account?
- When you have to pay. When will your child start college?
- Pre-funding the cost. Will you be investing now to pay costs later or will you wait until the end ("I'll worry about that college expense when the time comes")? What are your resources now? How much can you save each month for college? Where should you invest the money?
- Sources of loans. If you need to, where will you be able to borrow money? How much can you borrow? How much should you borrow?
- Financial aid. Will you qualify? How much money will you get? When should you apply for financial aid?
- Consider other resources, such as earning more income (working overtime, spouse going back to work, etc.), having your child work, having your child attend a college with a co-op program, scholarships, ROTC programs or attending a military academy.
- See the "Putting It All Together" worksheet. How much of the total college cost will come from each of the pieces above? How will you manage if there is a shortfall?
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
|Not NCUA Insuredor Any Other Government Agency||No Credit Union Guarantee||Not Credit Union Deposits||May Lose Value|
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.