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Life Planning Center > Paying For College
Age-Appropriate Strategies
  • Newborn to Age 10
  • Age 11 to Age 16
  • Age 17 to Age 18
  • Age 19 to Age 22

Newborn to Age 10

Your goal should be to put away as much as you can each month as soon as your child is born. If you didn't start right away, it is still early enough to start saving for college with a long-term investment perspective. However, make sure you are funding your tax-advantaged retirement plans first.

  • Connect with a Financial Consultant
  1. This is a great time to start a monthly college investment program. See the sections on The Cost to get an idea of how much college will cost. Also complete the Inflation Worksheet to calculate the impact of inflation on college costs.
  2. If you have already been investing, make sure that the amount you are investing will help you reach your goal. Consider increasing the amount you are investing each month, and consider diversifying your college investments. See the section Pre-Funding the Cost.
  3. Select the appropriate investment vehicle. Consider investing in growth oriented investments. See the sections Developing a Funding Strategy and Investment Vehicles for more information.
  4. Decide who the owner of the account should be. If you want to maintain control over the funds, do not open the account in your child's name. If your objective is to save taxes and you are comfortable giving up control of the funds when your child is no longer a minor, then consider opening an UGMA account or an UTMA account. See the section Saving Taxes for more details.

IMPORTANT NOTE: If you think that ultimately you will be applying for financial aid, it is best to invest the money in an account in your name. See the section Landing Financial Aid to help you decide how much you should invest.

  1. There are several tax-advantaged ways to save for college. See the section Saving Taxes to determine which investment may be right for you.
  2. Open a college investment account and begin investing on a monthly basis. See your bank or credit union's investment representative, who can help set up the right type of account.
  3. See the "Putting It All Together" worksheet to help you determine where the money is going to come from to pay for each year of school. The most important issue at this stage is to get started on a monthly investment program that takes advantage of the long-term time horizon you have to benefit from a growth-oriented investment program.
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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 Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations 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.

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