Investing For a Child's Future
Are you considering the funding requirements of future education costs for your children or grandchildren? Given the skyrocketing college education costs, developing a financial plan for education is critical. Over the last several decades, the costs for a higher education have increased. Published tuition and fees at public four-year colleges and universities rose at an average annual rate of 4.9% per year beyond general inflation from 1999-2000 to 2009-10, more rapidly than in either of the previous two decades*. Based on 2009 Trends in College Pricing the average cost of tuition is $7,020 for an in-state four year public university and $26,273 for a private not-for-profit four year university. If we assume 6% inflation, in 18 years the tuition at a public college and private college could cost approximately $87,000 and $328,000 respectively. This doesn’t include the costs of housing, food, transportation or books.
With costs continuing to escalate, how will you pay for your child or grandchild’s education?
Plante Moran Financial Advisors provides in-depth, comprehensive resources and education planning services to help plan for your children or grandchildren’s college education. We also offer objective, independent advice on financial planning for education funding and a variety of education savings vehicles available for parents or grandparents of any income level.
We will help evaluate the various college funding alternatives that exist and develop an education planning strategy that is appropriate given various goals and objectives. Our education savings plan and expertise in financial planning for education includes a variety of areas.
Education Savings Plans include various options each with their own benefits. Brief descriptions providing highlights to the variety of choices to consider can be found in the 529 Plans
and Additional Savings Plans
From education planning to estate planning
and income tax assistance, Plante Moran Financial Advisors help you with quality wealth management advice. Contact us
to learn more about how we can help your family grow.
**2009 Trends in College Pricing, The College Board Annual Survey of Colleges, Copyright 2009. www.collegeboard.com