Helpful Advice
The Wall Street Journal Sunday edition had a nice article on saving for college. The idea was to give parents advice on what to do using a three-year countdown until college starts. The advice was fine, but what happens so often with articles like this is that the advice has to be apply to so many readers that it is very generic. It is certainly well-intentioned but even trying to follow some of it is daunting. Here’s a sampling:
About 529 plans: if your 529 plan is “underperforming” or is high-cost, you can roll it over to another plan but beware of the fees.
On financial aid: start juggling money three years out so it won’t weigh as heavily in the financial aid calculations. One year about, the article suggests that you “submit all necessary paperwork.”
On loans: two years out, start looking at loan options – federal loans for students and parents and private bank loans which have variable or fixed rates.
The idea here isn’t to bash the article, it is fine for generic advice. It is to ask is that advice helpful to you as a parent? What specifically do you do with that, and is that a good use of your valuable time?
We believe that good guidance for college is targeted to your family’s situation, so that you know what to do when, and you can make informed decisions. Contact us to find out what that means for you.
