Published on September 30, 2021
Written by The Servion Financial Advisors Team
Various savings vehicles are available to help families deal with the expenses – 529 plans, Coverdell Education Savings Accounts, and IRAs, for example – but before you start thinking about those accounts, it helps to understand what exactly the student loan issue is all about.
That’s what this article is designed to do: impress upon you the importance of saving early so you’ll be ready to handle the costs.
According to the U.S. Federal Reserve and the Federal Reserve Bank of New York:
Among those who graduated in 2019:
Though the prospect of saving for education can seem daunting, there are multiple tools available to help you and your family manage it. Check out our previous articles on this topic:
College costs have skyrocketed and there appears to be no end in sight. The sooner you can get started saving for this major expense, the better. Talk to a financial advisor to learn about all the different ways you can save and the potential tax benefits of the different options. Visit servionfa.com or call 651-631-3111 to schedule a meeting with Servion Financial Advisors.
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