I'm Sending My Child to College

With the continually rising costs associated with a college education, it's not unusual for parents to find they don't have enough money saved to pay for it all.

 

We have been putting a little money aside every month to grow her college fund. But, I wish we had started sooner.

I just can’t believe how much education costs have gone up.

Her Education Savings Account won’t cover everything, but it’s a good start. It has been an easy way to set aside funds that we can use tax-free for her college expenses.

Luckily she’s done her part, too. Her good grades and attendance qualified her to receive an A+ scholarship. We started searching for scholarships when she was a junior, and continued to search throughout her senior year.

We also met with the financial advisor at our bank and learned we can use the equity in our home to pay for college expenses. That’s handy because it keeps it off of the credit card.

And we can even take advantage of tax credits for her tuition payments. As long as she is enrolled and we’re helping her cover tuition expenses, there are some tax breaks available.

It seems so overwhelming at first, but taking the time early on to save what you can and learning about your funding options really does make a difference. From online searches, to conversations with our banker and guidance counselors, we uncovered options we didn’t otherwise know about.

With some forethought and planning, paying for her to go to college will be possible… but letting her go… that’s a different story.

*Information intended as general college planning guidance. Check with your tax advisor, the IRS, and specific web sites for the most up to date information available.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.