November 2018 Blog Posts
November 15, 2018
Education Planning: 5 Compelling Reasons You Need It
According to College Board, the average cost of tuition for a private nonprofit four-year school for the 2018-2019 school year is $25,830. That’s up over $7,000 from ten years. Public four-year schools and public two-year schools continue to rise as well.
With the rapid increases in college tuition, it’s essential to start education planning soon so that your child can obtain the higher education they deserve. With a well-designed strategy for education planning, you can reach your education funding goals and reap the benefits. While gaining a job might be the immediate goal to be desired with higher education, the benefits extend far past just a job.
Why It Is Crucial To Plan For Education
Planning for education is a crucial step to afford the rising costs of college tuition. But one often overlooked aspect is why your child will benefit. Sending your child to college is more than earning a degree at the end of the program. In fact, college graduates have 5 distinct benefits gained from a college degree:
- They make more money
- Doors are opened for more opportunities
- Quality of life increases substantially
- The ability to make a difference
Education planning makes it possible for your child to take advantage of all of this.
Financial Advisor In Ohio
Finding a financial advisor locally that has your best interest in mind is no small task. At BIG, we know how important a child’s education is. When you come to us, we’ll:
- Create a timely, diverse college investment strategy designed around your financial resources, child's age, risk tolerance and projected educational costs
- Explain tax credits and deductions that can defray education costs, and the tax implications of education-related investment and savings decisions
- Recommend ways for the student to become involved in the planning process and contribute to the education fund
- Keep your plan updated to reflect changes in your employment situation, investment options, savings plans, financial aid requirements and tax laws
Education planning is essential to stay on top of rising tuition costs.
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