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Education Planning

Pave the Way to a College Education

Education costs are increasing, and the upward trajectory won't likely end. While a university degree opens doors and raises the average earning potential, it’s expensive. You or your children should not have to go deep into debt to pursue a college education. Knowing you have the funds to cover the cost of attendance alleviates the financial stresses of getting a university education, making it easier to concentrate on learning.

The Importance of Education Planning

The price of a college education includes tuition, fees, books and supplies. The difference between in-state and out-of-state tuition is usually significant, and private schools often charge substantially higher rates than public ones. In both cases, you incur higher costs. You also need to consider room and board expenses. Without adequate planning, you or your family member may need to rely heavily on loans and credit cards while also potentially working at a job while attending school.

The Help You Need

Carlon Wealth Advisors can help you determine how to prepare for paying for a college education. We assess potential expenses, considering increases based on your time horizon, then develop savings strategies that suit your needs. Options include:

  • 529 college savings plans
  • Coverdell savings plans
  • Individual retirement accounts
  • Prepaid tuition plans

Where possible, we recommend tax-advantaged options, though you may also have other choices, such as certificates of deposit and traditional savings accounts. We help you explore all avenues for paying for a college education. Contact us today to schedule a consultation.

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