We all want what’s best for our children’s futures – for many families, that makes planning for college costs a top priority. However, quality higher education is coming at a premium these days, and all of the projections indicate that the trend will certainly continue in the coming years.

 

WHEN FACED WITH THESE NUMBERS, IT BECOMES MORE IMPORTANT THAN EVER TO MAKE SURE THAT YOU’RE TAKING THE PROPER STEPS TO MAXIMIZE THE GROWTH POTENTIAL OF YOUR CHILDREN’S COLLEGE FUND, WHILE ALSO PROTECTING IT AGAINST LOSS AND TAXATION.

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But how much needs to be saved to ensure that your prospective college graduate won’t be saddled with crippling student loan debt by the time they earn their degree?  What are the best, most effective vehicles for accumulating the largest fund possible?  What tax-favored strategies are out there that can be utilized to maximize the purchasing power of those savings? Pike Creek Financial works with our clients to outline financial and savings solutions that fit their lifestyle and budget. 

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THE STRATEGIES WE EMPLOY HELP TO ENSURE YOUR FUTURE COLLEGE GRADUATE WILL BE ARMED WITH THE VITAL EDUCATION THEY NEED TO THRIVE IN TODAY’S WORLD, WITHOUT BEING BURDENED WITH EXCESSIVE STUDENT LOANS.

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When should I start a college savings plan for my child?

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As with any savings - the sooner you start a college savings fund, the better. Children's college savings can be started as early as the time they are born. Parents, grandparents, aunts, uncles, and so on, can fund a savings plan for a child or individual within their family. As with any other savings, you can always start later in life, but to maximize the potential of the money you are funding for the policy, it's always best to start sooner than later.

The great thing about children's savings accounts through my company is that it isn't only specifically allowed to be used towards "traditional education". A lot of traditional children saving accounts essentially make you use the saved money towards an approved college or higher learning institution or be faced with certain penalties and fees. Our policy allows you to use the money towards future schooling, graduation gifts, weddings, down payments on homes, and much more.

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Again, like any of our policies, the OPTIONS ARE YOURS! Finally, a huge benefit of the children's saving policy is it gets the child insured. You might not think about this when it comes to your child or grandchild, yet it's a huge factor to consider. The policy will protect the child if they become terminally, chronically, or critically ill and put much-needed money in hand for treatments and care as needed.