Paying for College
- by Joyce Dutton
- Published on 3/2/06
- Article views: 646
Many new parents find themselves faced with the prospect of paying for the child or childrens college educations, and with the rising prices of education many parents are starting to make plans early. This is the best way and saving early on and for many years will take some of the financial burden away and allow your child the freedom of attending college without the stress of paying for it. There are a variety of things you should start doing, however, if you are a new parent and want to get the most out of your savings before your child heads off to college.
When there are 15 years or more until college, then parents should open an Education IRA to save for their childrens college. This IRA has special restrictions and rules, so it is best to talk to your banking representative about the implications involved in this type of account. Also, when there are 15 years or more until college you may consider investing in some more aggressive funds. Aggressive investments should be reserved for this time period only because as the time for college nears you will want to ensure that the money is carefully guarded and not at risk.
When college is 10 15 years away you should begin organizing your portfolio to ensure you are on the right track. Also, any aggressive investments should be moved into more conservative funds if possible. During this time period you can also look into your states different plans for college savings as well as any tax breaks offered for this.
Many colleges are starting to offer prepaid college plans, so this could be an option during this time as well if you prefer to make payments over a long period of time.
When college is only five years away, you will want to make sure your investments correspond to the cost of college and that everything is stable and on the right track. If this is not the case, then you can either begin saving more aggressively during this time or rely on student loans to get your child through college.
When your child begins college if you realize you can pay for some of his or her education, but not all, then take out parent or student loans to make up the rest. However, take out the least amount of money in loans as possible. Although student loan interest rates are low, you will not want to be in more debt than necessary.
Also, once your child is actively enrolled in college there are different tax breaks that you can file on your tax return that will help out significantly. When it comes to paying for college, starting early and making a plan is the best way to go about it.
Joyce Dutton is the Operative and CEO of
Lacon College, a leading Internet directory for college links and articles.
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