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Education Planning Archives | Wealthspire Advisors

education planning fafsa

How Savvy Investors Plan for Education Expenses (2020 Update)

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There is a changing reality for many parents: that advanced planning and a long-term strategy for financing a child’s education are becoming more of a necessity than a luxury, even for families of significant means. Education funding is one of the largest expenditures most American families will undertake, and costs continue to grow, far outpacing inflation. Today, average costs for just tuition and fees, not including room and board, exceed $36,880 per year for private schools, and $10,440 for in-state residents (or $26,820 for out-of-state residents) attending public schools. Funding four years of college, or potentially more, requires forethought, and…
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Student Loan Planning

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As of May 2018, per StudentLoanHero, 75% of graduates from private, non-profit colleges held student loan debt, while 66% of graduates from public non-profit colleges did. As the cost of college continues to rise (well in excess of broader cost-of-living inflation), student loans are often a hotly discussed topic, with planning around them affecting an ever-larger group. The conversation on college and graduate school funding often evolves around which savings vehicle to contribute to (i.e. 529’s), the tax benefits associated, and withdrawing funds in a way that won’t adversely impact financial aid benefits. However, the other side to this conversation…
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education transitions

How is Special Education Impacted by COVID-19?

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How are special education services affected by the Coronavirus and social distancing? What can parents expect during this time? As a follow-up to the first installment of our series on special needs and special education planning, SVP of Trusts & Estates Nicole Hart sat down again with Marion Walsh, partner at Littman Krooks, LLP to discuss these common concerns and more. In case you missed it, please also see Marion’s recent post on tips for families in the wake of Coronavirus, as well as this post by the Special Education Legal Fund (SELF) with links to useful NY and CT-related…
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education transitions

Special Needs & Special Education Planning: Education Transitions K-12

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During increasingly uncertain times, many are wondering how special education services may be affected. Even in times of relative stability, it remains important to be aware of some key concepts that come into play with special education. In this first installment of our series of conversations on special needs and special education planning, we explore the main aspects of education transitions from K-12. SVP of Trusts & Estates Nicole Hart speaks with Marion Walsh, partner at Littman Krooks, LLP about what you should know and how to navigate this often challenging process. For additional information, please see Marion’s recent post on…
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education planning fafsa

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 option 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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