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Child dressed like a college graduate

529 College Savings Plans and additional options for Child College Funds

You dream of a better life for your children and grandchildren and know education is the key to a strong financial future. You’re also aware of the high costs of a college education, and need to balance your college goals with your retirement goals. There are numerous college saving programs, but which one is right for you?

Shakespeare will help you formulate a college savings plan within the context of your overall financial plan. We will help you answer several key questions:

  • What tax credits, if any, are available for my children when they get to college?
  • What is the FAFSA Form and does it apply to our situation?
  • Is there a way to negotiate the tuition of a college down to a more manageable level?
  • How do 529 plans work and which one is right for me?
  • Should I be gifting securities to my child to leverage their lower tax rate to help pay for college?
  • How do I incentivize my child to take college seriously and what percentage can they afford to pay?

College planning is a long term goal for many people. Shakespeare will be with you throughout your journey as your children or grandchildren progress towards their goals. As they receive their high school diploma, we’ll ensure you’re ready to help them earn their college diploma.

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College Planning FAQ

What are 529 plans? Expand

529 College Savings Plans allow individuals to save money for a family members college education costs. The money invested grows tax-free if the withdrawals are used on qualified educational expenses. Depending on your state of residency, you may qualify for a state income tax deduction on a portion of the contribution. There are penalties and taxes due if the money withdrawn is not used for qualified expenses. Note: After 1/1/2018, 529 plans can now be used to pay for elementary and high school education expenses.

How much should I save for my children’s college education? Expand

A: Each person has different goals in funding their children’s education, however it’s imperative to map out potential expenses and how you’ll pay for them at that point. In addition, have a conversation with your children when they are in high school telling them to what extent you’ll pay for their college education. Deciding how much to save for college will vary.

I have multiple children, what issues should I be concerned about related to college funding? Expand

A: With multiple children attending college, potentially at the same time, mapping out your future cash flow and expenses is imperative to your financial plan. It will be far more achievable to save money over time for this expense, than to try paying for it out of pocket.

What is the four pronged approach to paying for college education? Expand

A: Typical funding sources for college include: 1. Parent cash flow & savings, 2. Child cash flow & savings, 3. Scholarships from the university and others, 4. Student Loans. As a parent, keep in mind you may help your child pay off student loans after they graduate, depending on your cash flow.

What is the FAFSA Form? Expand

A: The Free Application for Student Aid (FAFSA) is the form that is used annually by current and prospective students to determine your eligibility for student financial aid.

I paid for my own college. Can’t my kids do the same? Expand

A: College tuition costs have increased at a significant rate the last two decades. As a result, even the best students with a strong work history won’t be able to pay for 1/3 the cost. Paying for college has become a family expense, using time and a team effort to pay the bills.

Is there any negotiating with the admissions office regarding the cost? Expand

There are scholarships and other incentives a university can offer to make the cost more palatable for your family. Consider applying to comparable universities as means of negotiating a better price. The University system is a big business and creating completion competition between schools for your child (checkbook) can lead to cost savings.

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Shakespeare Wealth Management, LLC®

N22 W27847 Edgewater Dr.
Pewaukee, WI 53072
262-814-1600

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