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With each and every passing year the expenses associated with a college education keep growing and growing. This is especially true for private colleges which often charge tuitions of upwards of $40,000 a year. Even if your child is planning on attending a state funded institution of higher learning, those are no longer the bargain that they were just a decade ago. In short, college is an expensive endeavor, one that requires a serious financial investment on the part of all parties involved. Commonly parents end up being the main investor in that endeavor however. Often parents listen to anecdotal information regarding paying for college from friends and acquaintances that may very well no longer be relevant in today’s economic landscape. Frequently when the cost of college is discussed there is some allusion to financial aid or scholarships as a cure all. Some schools provide financial aid and many schools do offer scholarships, yet there are significant caveats that need to be understood. While it is true that a scholarship can go far in mitigating university academic fees and living expenses, what if your child does not qualify for scholarship or their dream school just does not offer them. In the current economic downturn, many colleges and universities are also finding themselves strapped for cash and having to cut their financial aid offerings. So then, what options are left on the table then to fund an undergraduate education?
Many people turn to student loans, both private and government subsidized to fund their child’s college education. While this is an option, it is not the best one. Often the interest that must be paid back as part of the loan is tremendous and hampers both the parents and the child who have a new found financial burden on their shoulders.
What makes much more sense is to start planning for college early on in a child’s life and come up with a college savings plan that will one cover all, or at least some of the expenses that will be brought on by the pursuit of a higher education. Many individuals are not aware of the many financial planning options that are out there. There are a bevy of options ranging from a traditional college savings account to more diversified plans of action that can possibly address several of your financial planning concerns at once. Our trained financial advisors will help you navigate the often intimidating world of college savings planning. Why go at it alone when you can have a team of professional financial advisors giving you independent advice so that you can derive a plan of action that suits you and is custom tailored to your specific needs and goals.
If you find yourself wondering how you will pay for your child’s college expenses please reach out to our office. We have years of experience helping people just like you achieve their financial goals, regardless of their situation. We are conveniently located, let a san francisco financial advisor sit down with you and figure out how to address saving for college.