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Just remember, retirement funding is a necessity and a parent (grandparent, or anybody else) funded college education is a luxury. Your security in retirement should be your first priority. There are many routes and ways to fund a higher education. The sooner you start planning the better.
There are many ways to fund a college education other than Mom and Dad writing a check.
Don’t forget about "gift aid" - financial aid that doesn’t have to be repaid like grants and scholarships. College-bound students can learn about grants and scholarships in several ways, but the most-effective strategy starts with contacting the financial aid office at the college or university you plan to attend. Doing your own research can also be an effective strategy, but be careful: scholarship and grant scams are plentiful.
According to educationdata.org the average cost of a 4-year degree in the 2019-2020 school year was $122,000. This is just an average. It will vary depending between public and private, in-state and out of state, and if you attend 2-year school before you move on to a 4-year.
Most will talk about how to fund college, but there are ways to try and bring the cost down. There are many smaller ways to do this.
The SECURE Act changed how investment vehicles are handled. We’re here to help with our latest ebook. Learn the ins and outs of the SECURE Act so you can explore what this means for your estate strategy.