College Planning Is More Than You Think
Thanksgiving break is a fun time to take a pause from work or school and spend time with family. Many college students will be traveling home for a long weekend. I have fond memories of coming home after being away at school. So with this in mind I wanted to highlight the importance of planning for college. This goes much further than you may think; beyond just saving in a 529 college account.
A well thought out college plan seeks to provide the best preparation and fit for your student in all areas. So if your child (or grandchild) is headed for higher education, please read on. It is not too late (or early) to begin planning.
I have asked my respected and highly educated friend Bethany Schweitzer, JD, PhD and co-owner of College Ready to be my guest. Here are her thoughts on the need for College Planning.
"Ohio students graduating from university in 2012 had an average loan debt of $29,000. With the rise in the cost of attending university, how much to pay should be a top consideration for parents and students when deciding where to apply. Having an open and honest conversation with your student is an important part of the process. The student and parents should not be saddled with student loan debt. Having a plan on how much parents can afford to pay is very important. Discussions on university savings as well as finding the right fit university are imperative. The "right fit" university should be one that is an academic, financial and social fit. Using a financial planner and a university consultant can aid in helping your student find their right fit university the first time."
3 Things to Keep in Mind When Selecting a University
Be realistic.Look at GPA/ACT scores and compare them with the averages published by the university you are considering.
How is the Financial Fit?Ask yourself whether or not the university is a good financial fit. Talk with your financial planner to determine what your family can actually afford.
Always pick one "safety" school. This should be a university where you know your student can gain admission, has their intended major, and your student can afford even if the family has a financial catastrophic event.
Please feel free to reach out to Bethany or Deb Taylor at College Ready.
www.collegereadyUS.com 740-972-0700
As always, please let me know if you have any questions.
To your family's financial success,
Luke Fields, CFP®
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor Bethany Schweitzer, Deb Taylor, any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.
About Stewardship Cents
Stewardship Cents exists to Educate, Entertain and Enhance the financial wisdom of all who read it. Everyone needs to be wise with what has been entrusted to them and common sense can help us be good stewards of all that we have. Stewardship is a belief of responsible overseeing and protecting of important resources. Luke Fields is Vice President of Foley & Foley Wealth Strategies, An Independent Firm, that has been based in Worthington, Ohio since 1981. A graduate from The Max M. Fisher College of Business at The Ohio State University, Luke is a CERTIFIED FINANCIAL PLANNER™, holding his Series 7, 66 and Ohio Life, Health and Variable Annuity Insurance licenses. He resides in Columbus, OH with his high school sweetheart, Beth and their three children. Luke is an active member of his church, serving in leadership and finances. Follow additional insights and connect on LinkedIn, Facebook, his blog or Twitter. You can always reach him with comments or questions at: luke.fields@raymondjames.com.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC
Raymond James Financial Services does not accept orders and/or instructions regarding your account by e-mail, voice mail, fax, or any alternate method. Transactional details do not supersede normal trade confirmations or statements. E-mail sent through the Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all e-mail.Any information provided in the e-mail has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in the e-mail. This e-mail is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received the message in error, please contact the sender immediately and delete the material from your computer.