College planning can get stressful. It takes a lot of time and effort, and many people don’t know where to start. A financial professional can help. When you have financial expertise on your side, you can get a step-by-step plan and remove the stress from the equation. Need help with college planning? You’ll find some things you should consider below.
When it comes to college planning, it’s always best to start early. Even before your child enters high school, you can put a plan in place. The earlier you start, the smoother the process will be. Of course, when you do start early, the details can seem a little fuzzy and vague. A professional financial planner can help you solidify those details.
Savings and 529 Accounts
Talk to a financial advisor about savings and 529 accounts. With a savings account, you can start putting money aside for college. A 529 account, however, is a specific savings plan for college. These state-specific plans come with added benefits and options. Some 529 plans allow you to prepay for your child’s college tuition.
While your child is in high school, it’s a good time to start researching scholarships. Academic scholarships, sports scholarships, and need-based scholarships can go a long way toward helping you pay for college.
Loans can also help your future college student. However, loans and their interest rates can quickly add up, so it’s best to balance those loans with other financial pathways. An advisor can help you develop a full-spectrum plan that balances loans with other payment choices.
Let Ami Ahuja Help
Need help with your college planning? Let Ami Ahuja help. With her financial expertise, you’ll have a clear-cut plan in no time. Contact Ami today to get started.