Determine The Best Way To Save For College
College tuition is more expensive than ever, which puts today’s students in a position of ruinous, prolonged debt. However, with our college funding strategies, you can provide a university education for your children — while preventing debt. Get the right products customized to fit your needs, so your children can have a promising future unburdened by student loan debt.
Financial Tools for College Funding
Certain financial tools have been created specifically to save for college costs, including the:
- 529 plan
- CSAs
- UTMAs
- IRAs
- Education Savings Bonds
- CDs
- Savings Account
- Indexed Universal Life (IUL)
The options can be overwhelming, and no one vehicle is right in EVERY situation. It’s very important to understand your choices and the benefits and drawbacks of each option. Black Swan Insurance Group can provide a thorough comparison of some of the vehicles available to you.
Life Insurance For College Funding
Another option to pay for college is an Indexed Universal Life (IUL) life insurance policy. You can use income from life insurance for anything: college tuition, the down payment on a home, and more. Therefore, life insurance gives you more flexibility than a 529 account.
There’s also no maximum contribution like there is with 529 plans or Roth IRAs. Plus, the IUL life insurance policy should include a death benefit — unless it has reached its limit for educational purposes.
Note: Life insurance is NOT considered an asset when calculating financial aid.
The Bottom Line
More parents are realizing the value of starting a financial savings tool for their children early on.
A little planning now can make all the difference in sure that your future college graduate will be in a favorable position and have a blank financial slate heading into their new career.
For all your questions about college funding strategies, contact us and we’ll evaluate your family’s financial situation and help you determine the best option.