Education is expensive, so it’s best to plan ahead. Here are ways to do that.
Students are graduating with larger debt loads than they were 10 years ago. Public four-year college borrowers graduate with an average of $19,800 in debt; their nonprofit private college counterparts graduate owing $26,100.
My youngest is a first-year student at the University of Virginia. My coauthor Matthew’s youngest child was born only a month ago. There is no such thing as saving too early.
Four-years of college currently cost $60,000 at a public university. In eighteen years, it may cost more than $145,000. To stay ahead of rising tuition costs, you should plan ahead and save early. Tax-favored 529 accounts can help you provide an excellent college education for your children and grandchildren.
Virginia 529 plans allow for an unlimited carry-forward deduction.
David Marotta discusses learning to live on your own after college.
What’s more important, saving for college or retirement?
David Marotta discusses financial planning for a college education.
A $360,000 investment can remove over $2 million from their taxable estate, savings $900,706 in estate taxes.
Virginians can take a $2,000 state tax deduction simply by flowing their money through a 529 account for a day.
Community college for the first two years is the best deal to avoid the mountains of student debt and still graduate from a top-rate school.
Don’t borrow or withdraw money from your IRA.
Prepaid programs are not safe. They just assume a different type of risk.
If you are one of the 92% with children under the age of 18 who haven’t started a 529 plan, we encourage you to meet with a fee-only financial advisor soon. You can never start too early, and it’s never too late to do something.
In the past three years Joshua’s account has grown a whopping 76.6% averaging 22.5% per year.
If you are not saving for college you are falling behind.
Education matters. He who doesn’t teach his son a trade teaches him to steal.