EP 125 | Profit Boss® Radio
What if I told you that it IS possible to get your child a college degree without draining your own financial resources? What if I told you that your future college student doesn’t have to graduate without tremendous amounts of student loan debt?
Well, that’s EXACTLY what I cover in this episode of Profit Boss® Radio. Student loan debt doesn’t have to be an accepted norm. On the contrary, assuming massive debt that is completely disproportionate to the possible income potential of a degree or alma mater ranks high on the list of poor financial decisions you want to avoid and that you want your child to avoid, too.
A little planning and preparation early on can completely remedy the “how to pay for college” conundrum. There are financially responsible ways go to college and to pay for it.
Tune in to today’s show to find out how to effectively save for future college costs without compromising your financial future or your child’s.
What You’ll Learn from This Episode
- How to calculate how much student loan debt is appropriate
- What a 529 Plan is and why it is the best tool for saving money for future education costs
- How to research 529 Plans
- Which 529 Plan I opened for my daughter and recommend for many of my clients
- How different states offer different tax benefits for their state-sponsored 529 Plans and how to find out which states offer what
- How to figure out how much you need to save in a 529 Plan
- What to do if you’re going to need financial aid
- How to assess other education options apart from the traditional 4-year degree route
- Special Interview segment with a Collegewise representative that offers insights into the college application process and what you and your student needs to know!
Resources and Research Mentioned in this Episode
- What is a 529 Plan? (Investopedia)
- States that offer Pre-Paid Tuition Plans (Investopedia)
- Colleges that meet 100% of needs (College Greenlight)
- Calculating the Future Cost of College Education (CollegeCalc)
- Estimated future cost of a degree from UCLA (CollegeCalc)
- States that offer 529 plan deductions on contributions (savingforcollege.com)
- Tuition savings calculator (savingforcollege.com)
- How to find the right 529 Plan for your future student (savingforcollege.com)
- Collegewise College Application Counseling Services
- Leveraged Learning by Danny Iny
Related Episodes and Blogs
- How Much Should You Fund Toward Your Child’s Future Education
- How to Pay Less for College
- EP 114 | How to Raise Financially Empowered Kids
Call for Listener Stories
Hey Profit Boss Radio listeners! 2018 is rapidly winding down and I’m preparing a special episode that celebrates you! But, this special episode requires your help.
- If you have crushed a specific financial goal, I want to hear from you.
- If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
- If you are making big plans for 2019, I want to hear from you!
Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them in a special year-end episode of Profit Boss® Radio.
Email your audio clip to firstname.lastname@example.org. And we’ll be in touch if we plan to air your story in a few weeks! Thanks ladies!