At the beginning of life, children are all very similar: weak, dependent, and helpless. But over the years with time and hard work, they transform into strong, independent, and thoughtful adults. People become who they are through three main factors: where they grow up, the people that surround them, and, most importantly, their education.
Would you be willing to postpone your retirement by two years if it meant your children could attend the college of their choice without taking out expensive student loans?
In 2007, Savingsforcollege.com conducted an online poll asking parents this exact question. If you have kids of your own, you’re probably not surprised that over 80% of respondents said they would postpone their retirement by two full years if their child could attend the college of his or her choice without taking on more debt.
College costs hit a record high back in 2016, and it’s only gotten worse ever since then.
Needless to say, college is getting more and more expensive every year, and there’s no signs of stopping. The good news is, parents have multiple options and more than enough time to get ready to afford college for when their kids come of age.
Back in high school I had a lot of friends who I played baseball with, and many of them had dreams of pursuing the sport at the college level so they could eventually move on to the MLB. One friend in particular had offers from many schools, however the schools that offered him a spot on their teams did not offer a scholarship with the spot.
As the days get longer and the sun shines a bit brighter, many families are getting ready to travel, go on vacations or start their summer grilling. Across the country, high school seniors are filling auditoriums to throw their caps in the air and say goodbye to the last four years of high school. With the end of of high school comes the beginning of college – and the costs that go with it. Many parents are looking for the best college saving tips to ensure a solid head-start.
A lot of people swear by their grandma’s secret chocolate chip cookie recipe – flour, butter, sugar, chocolate chips, and love – those ingredients combined somehow make the best cookies on the planet. That coupled with birthday cards and holidays at grandma’s and grandpa’s create some fantastic memories. In all, grandparents seem to be a constant fountain of gifts, hugs, kisses and love.
While most families associate 529 plans with college or university, few know that they can now be used for K-12 private education. The new tax law passed by Congress last year included a provision in which parents are now allowed to pay for private school education from kindergarten to twelfth grade. Under the new law, families can withdraw $10,000 per student per year to pay for tuition expenses at private elementary schools, high schools and parochial schools. Keep in mind though, the law only covers private institutions and only applies to tuition costs – it excludes things like books, laptops, or other expenses often covered by 529 plans.
Parents often have many questions about 529 Plans – what they are, how to use them, what their benefits are. We’ve covered all those topics in other posts here, but have not gone over some of the myths of the plans themselves. Here we outline five of the most popular myths of a 529 plan.
If you’re a typical parent, it’s likely you’ve never heard of the Michigan Education Trust (MET) but it spearheaded the 529 plan movement. Proposed in 1986, this program was intended to “help parents guarantee their children the opportunity of a Michigan college education.” This new fund afforded parents the option to pay a nominal stipulated amount in return for the state agreeing to pay tuition at any Michigan public college.