All About Financing Education
Creating a college fund for your children is something that every parent thinks about. Even online colleges charge anywhere from $300 to $700 per credit and tuition is generally $20,000 and up for most colleges. If you’re just starting to have children now, imagine that number will double by the time they’re ready to head off to school. It’s probably why so many invest in education stocks!
Only 1 in 8 students who receive a bachelor’s degree get any kind of a scholarship and only 1.5% of those get a ‘free ride’, or all expenses paid. That passes the buck back to you.
In our articles about financing education, we talk honestly about one investing vehicle for financing education is a government-given plan to maximize your education savings. That’s a 529 Plan. A big advantage is that there are no income restrictions to establish a 529 plan. The plan allows families to use up to $10,000 per year of 529 plan savings to pay for K-12 and the rest for college education.
Although contributions are not deductible from the donor’s federal income tax liability, many states provide state income tax benefits for all or part of the contributions of the donor. Beyond the potential state income tax deduction possibilities, there are other benefits we talk about in our articles about financing education below.
To learn more about financing education, read our articles covering every angle of this topic below. And if you want to learn more about planning your financial future, download 5 Steps to Your Financial Freedom for FREE today! If you enjoy what you learn and would like to join our community of like-minded people like yourself who are planning their financial freedom, I recommend joining the Financial Freedom Federation Gold Club.
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