Saving for college is one of the most impactful things you can do for a child. The power of a good education is well documented. And while over 80% of college students receive some form of financial aid, college is still a very expensive (and getting more expensive) proposition. In addition to tuition costs there are room and board, books, and discretionary spending to consider.
To help your child, grandchild, or relative offset some of these costs, Fluent works with clients to set up the most appropriate college savings plan. We cover all plans from 529 state sponsored plans (over 100 available and growing daily), Coverdell Savings Plans, UGMA/UTMA accounts, life insurance plans, and Roth IRA accounts. While all plans can help you save for college, they are not all created equally. It’s important to match the right type of plan with the person who is saving.
It’s also important to look at who you’re saving for. 529 plans, for instance, are not just college savings plans but “post-secondary school” savings plans. This mean that if your child does not choose to go to a traditional college but instead goes to a trade school, the money saved can be used to pay for that education as well. And if the child simply does not go to any post-secondary school at all, the money can easily be rolled to another child or relative.
Fluent can help you understand all your options and put a plan into place that fits your goals. We will walk you through the set up process and even introduce you to rewards programs that can help you save more for college!
To set up an appointment, please contact us.