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Paying for College

The cost of college increases steadily every year, and we can help you understand options available when you want to support a child's goal of earning a college degree.
 
We'll work with you to create a smart strategy so your child or grandchild can earn the education they want.
 
With a variety of financial strategies available, you have access to flexible funding options. For instance, 529 plans can cover college tuition, K – 12 tuition, certain apprenticeship costs and student loan repayments.

We’re ready to work on a custom-based strategy for you.

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College Planning

Before you make your decisions on financing higher education, remember to talk to us so you can:
  • Get an idea for the cost of college.
  • Become familiar with alternative pre-funding plans.
  • Get information on investment alternatives you should consider.
  • Understand various education tax incentives available.
  • Determine if it makes sense to own the investments yourself or to keep them in your child's name.
  • Develop an action plan to best address your overall college funding needs.
We’ll strategize with you and map out a college savings path with the appropriate strategies for you:
  • 529 plans
  • Custodial accounts
  • Coverdell Educational Savings Accounts
  • Roth IRAs
  • Life insurance

Make a Smart Move with 529 Plans

A 529 plan is a tax-advantaged savings account to fund educational expenses for a beneficiary. There are many benefits to 529 plans:
  • Generally have low minimum start-up and contribution requirements
  • Family members and friends can contribute to the plan, increasing the benefit to the student
  • The account owner maintains ownership until the money is withdrawn
  • Funds can cover a wide range of educational costs, not simply college tuition
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

 

2023- 2024 Undergraduate Estimated Costs

Type Tuition & Fees Room & Board Total 2022-2023 Change
Public 4-Year (in-state) $11,260 $12,770 $24,030 2.5%
Public 4-Year (out-of-state) $29,150 $12,770 $41,920 3.0%
Private 4-Year $41,540 $14,650 $56,190 4.00%

Source: College Board's 2023-2024 Trends in College Pricing, www.collegeboard.org