With the cost of a public 4 year degree projected to grow to over $250,000 by the year 2030 or around the time today’s preschoolers are ready to head off to college, planning for that cost is critical. At Destiny we are able to help you project the cost of your education plans, whether it be private K-12, University or post graduate. We then examine your current and expected future resources and craft a strategy to allow you to fund your family’s college expenses as efficiently as possible. Leveraging tax efficient strategies and creating a plan that is integrated with the rest of your financial goals is one of our strengths.
For most of our client’s education will be funded with a variety of strategies including investment account funds, 529 college savings plans, scholarships, grants and possibly even student loans. Understanding the characteristics of each funding option and being able to combine them in a way that meets the needs of their child or grandchild is part of our job here at Destiny Capital.
When planning for education, especially when the student is far from their university years, flexibility is key. Being able to create a plan that can be adapted to cover the cost of a state school or Stanford requires creating structures that can be adjusted over time. For instance money contributed to a prepaid tuition program is typically restricted to a specific school or the schools of a specific state. However, funds contributed to a 529 college savings account not specific to one state can be used at a qualified school of your choice.
Understanding how much to save and which vehicles to use can greatly reduce the impact of paying for college