As college cost has risen, parents ask us more frequently about their options for paying for college.
In the short webinar embedded in this post, Magellan founder and Certified Educational Planner Evelyn Jerome-Alexander shares the basics about how the college financial aid system works, with explanations of both need-based financial aid and merit-based aid. It’s important to be clear about these basics as you approach decisions about your child’s college search and application process.
Where Do 529 Plans Come In?
Because each family’s financial situation is different, the discussion about college cost needs to be individualized. We strongly recommend that you discuss paying for college with your financial advisor, if you have one, as your child gets closer to applying in his/her senior year of high school. For some families, a 529 college savings plan can provide an opportunity to save for college with some tax benefits. In the video above, Certified Financial Planner Jun Chen helps us understand the important details about how 529 plans work, and why they may be a good tool for your family to pay for college.
We love helping students and families find the colleges that fit them academically, socially and emotionally – and financially! If you or your child need some help working through the college search and application experience, please feel free to get in touch with us.