Planning for College
The topic of college funding is overwhelming to most parents. We are ready to help families achieve their college dreams with tax-smart savings plans and creative funding alternatives. And to insure success, we monitor the plan all the way through college.
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- Start Saving for College the Day They Are Born
(2010-01-25)
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.
- Prepaid Tuition Programs May Be Fool's Gold
(2005-10-24)
A lot of money has been pouring into 529 college savings plans since their inception in 1994. Like the Gold Rush the benefits seem too good to pass up. As of 2004 over $54 billion has been invested. We've surveyed your options and can steer you clear of the fool's gold of 529 plans.
- Learning to Live on Your Own, Part 1
(2008-02-11)
If you're like most of today's college graduates, you may find yourself ill prepared for the real world of financial responsibility. You never saw how your parents lived when they were first married and struggling. Consequently, you may be basing your after-school expectations on an upper-middle-class lifestyle. Here is my financial advice for those of you learning to live on your own.
- Kiddie Tax Loophole Soon to Disappear
(2007-10-29)
This year, Congress has made income-shifting a dream of the past, trapping more kids in the dreaded "kiddie tax." Beginning January 1, 2008, children under 24 will owe taxes on unearned income at their parents' higher tax rates.
- How to Pay Off Student Loans While Building Wealth
(2007-05-07)
The average college student graduates with almost $20,000 in student loans. But, some students may be better off not taking their parents' advice on how to get out of debt. Unlike most types of debt, student loans are usually best when paid as slowly as possible.
- Learning to Live on Your Own, Part 2
(2008-02-18)
Here we offer some sound advice on how to put the money you've saved to work for you.
- Last-Minute Tax Savings for College Expenses
(2009-07-06)
Even if you haven't saved much for college beforehand, simply passing college expenses through a 529 plan can save you $200 to $2,000.
- Qualified 529 Spending
(2006-08-28)
While most of the bills can be paid from a 529 college savings account, a couple thousand dollars in expenses will not qualify.
- 529 Plans: What's Important?
(2005-10-17)
529 plans are the best vehicle to save for college. But which one? Nationwide there are hundreds. In Virginia there are two: VEST (Virginia Education Savings Trust) and CollegeAmerica. There are several questions to address before the investor can make a wise choice.
- A College Degree is Worth a Million Bucks
(2005-09-26)
A college degree is worth more than its weight in gold. In fact, the value of a college education is worth about $1 million, according to a 2002 study conducted by the US Census Bureau. In the face of rising college tuition costs, education may seem like an impossible dream, but education is a key part to your financial well-being. As with any big investment, diligent planning and saving is required.
- Joshua and the Wall of College Savings
(2005-10-10)
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.
- University Students: Getting Sucked Dry by Credit Cards
(2007-09-03)
Last week we listed the ways university student are enticed into using credit cards. This week we will examine the economical impact of those initially small and convenient monthly payments.
- 529 Plans Help with Estate Planning
(2008-04-14)
While many parents are struggling, some grandparent have large estates. One effective estate-planning technique is using a 529 account both to fund their grandchildren's college and also help them avoid significant tax liabilities.
- Start College Savings the Day They Are Born
(2005-10-03)
College graduates gross $1 million more in earnings over their lifetime. Education helps you gain and keep wealth. But paying for it is a daunting prospect - especially paying for it all at once. For some families the price tag exceeds the cost of their home. For those who will not qualify for financial aid, starting a savings plan early is critical. Compounded savings eases the financial burden.
- Community College Can Provide the Best Education
(2006-04-24)
So what if you didn't get into the college or university at the top of your list. If you still want to go, consider entering through the back door. If you are a Virginia resident, the options are more attractive than ever - options which guarantee you entrance to some of the top-ranked colleges and universities at a price you can afford.
- Tackling College Costs at the Eleventh Hour
(2005-10-31)
We've been asked, "My daughter is going to college next year, and I haven't saved a dime. What can I do?" I know that story is not funny, but it is sadly close to the truth for many. The best way to climb the mountain of college costs is gradually, but if you need to make some last minute leaps, our government has a few tax-related strategies.
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