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Education Planning Archives - Wealthspire Advisors

education planning

FAFSA: Act Quickly and Strategically to Maximize Benefits

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Starting October 1, this year’s Free Application for Federal Student Aid (FAFSA) is now available for current and prospective college students. The FAFSA determines a student’s eligibility for Federal grants and loans and is used by schools to craft a student’s financial aid package. Everyone, regardless of income levels, should fill out the FAFSA because it is necessary even for merit-based scholarships. Maximizing Your Potential Financial Aid File the FAFSA as soon as possible after October 1, as some financial aid is awarded on a first-come, first-served basis until the money runs out. In fact, based upon the most recent…
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college savings

An Unconventional College Savings Account

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If you are looking to set money aside for your child or grandchild’s education you are likely considering a 529 plan, a custodial account, or possibly a trust. Each of those accounts have positive and negative qualities, which my colleague, Eric Dostal, highlighted in a previous blog post. However, there is another account that is a bit unconventional for college expenses – a Roth IRA. I am a big fan of Roths and I have previously written how individuals over the income limit can fund an account annually via a backdoor contribution. Roths offer tax-free growth, virtually unlimited investment options,…
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education planning

How Do Savvy Investors Plan for Education Expenses?

By and Guides & Whitepapers
A colleague of ours recently shared an interesting story from a baby shower she attended: along with the standard gift registry, the parents-to-be established a 529 college savings plan for their not-yet-born child, sharing the details along with the shower invitation (also mentioning, of course, that the beneficiary would be established once they had a Social Security Number). Though this example may seem extreme, it illustrates a changing reality for many parents: that advanced planning and a long-term strategy for financing your child’s education are becoming more of a necessity than a luxury. Education funding is one of the largest…
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Finding the Best Way to Pay for College

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Saving for a child’s college education is a major planning objective for many families. The unfortunate truth is that the cost of higher education has risen rapidly over the last few decades. Projections like the one below illustrate the potential future cost of higher education: Even after taking into account the average net cost of higher education after financial aid awards, the overall price of a college education remains daunting: One of the best ways to help prepare for these future expenses is by saving now for your future education goal: There are many strategies to consider when determining how…
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