Paying For College
Be Realistic About Your Savings Time Frame.
If you do have the time to implement a long-term savings strategy to pay for college you will need to do your homework. What are the pros and cons of each option? Is it flexible? Does it allow for change? What if my child doesn’t go to college or receives a scholarship? Is this option safe from market fluctuations? Are their tax benefits? Are there fees involved? How much should I even be saving?
Are you getting ready to send your children off to college? If so, you don’t want to take unnecessary risks. Take the time to research your child’s eligibility for aid. There are more than 185 billion dollars of aid available from the Federal and State governments, Colleges, Universities and Private organizations to help pay for your child’s education. To explore your options for Federal Student Aid go to: https://fafsa.ed.gov. You can submit your free FAFSA application form directly through this website. You’ll want to make sure you have your tax returns, W-2’s and any information regarding assets and investments on hand when completing the form.
Regardless of your time frame, now is the time to sit down and take a hard look at your entire financial picture. Review your protection, savings and growth, cash flow and debt. Be sure to work with a Financial Professional that focuses on your individual situation and looks at the big picture! When you work with a Leap Professional you will have the opportunity to use a Financial Model that can help you identify opportunities, threats, and obligations. See your entire financial world on one page and work collaboratively with your Leap Professional to review, analyze and test the viability of your options.
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