College Funding

Saving For College: College Is Still Worth It

In 1999, a person with a bachelor’s degree earned about 84% more than someone with a high school diploma, according to US NEWS. This means, on average, a difference in lifetime earnings of about $2.8 million. Said another way, that $2.8 million represents the value of a college education. This is the difference between your children simply making ends meet and being able to realize their lifetime goals.

“In today’s knowledge-based economy, the only thing more expensive than getting a college education is not getting one.”

–Paul Taylor, Exec VP

College Costs Are Rising

Everyone knows it, but college costs are increasing at an alarming rate. According to Bloomberg, since 1978 tuition prices have increased four times more than the consumer price index (what it costs to live). Even the cost of medical care hasn’t increased that much!Investing in a college degree is still the best plan. Both private and public universities are already exploring innovative technology that will change the face of education and provide cost-saving benefits to bring the price of a college degree back into line. Nonetheless, achieving a level of education that will give your children a competitive edge will never be free.

The Burden of Student Debt: According to advisors, 70% of students borrow to go to college and take on an average of $33,000 in student loans. According to the college board, this trend is not slowing down. No one wants their children to be shackled with loan payments just when they’re getting started out in the real world, but what else can you do?

As a result, total student loan debt in the U.S. have swelled to $1.2 trillion, an amount that surpasses even credit card debt.

Plan Now for Unlimited Options: The golden rule for financial planning is “save early, save often, save consistently”. This is the rule of any predictable large expense, and as Mr. Taylor points out, a college fund MUST be included in those expenses. If you want your children to dream big and achieve their dreams, it’s time to start their College Funding Plan.

More importantly, this gives your children choices in their lives.

College Savings Report

Your college savings module considers all of these critical factors to develop the best way to save forA comprehensive college savings strategy from MyiFinPlan can help secure their future. college, no matter how many children you have:

  • The years available for each child until college costs will begin
  • Projected college costs (based on private of public universities)
  • Your projected income tax rate, because that will affect your savings growth
  • The rate of inflation, because that affects your savings growth too
  • The projected growth of any investments you have

What Your College Savings Plan Includes

  • Your plan report details several savings/investment strategies to help fund your children’s educations, including year-by-year financial projects- we give you options.
  • While investment strategies are necessary, this clearly-written report allows you to also evaluate the options that will meet your goals and work within your budget.
  • A complimentary “sanity check” report: Are your projections and estimates in alignment with the real world?
  • 20 minutes FREE with a professional planner to go over your plan to ensure that you have a good understanding of your plan and to gain clarification to any questions that you may have.

Sample College Savings Report

What do you want your story to be?

Create the ability to choose.

ENGAGE.

EXPECT.

EVOLVE.

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