Saving, Investing, and Paying For College - Ken Clark, CFP
Like all the Guides at About.com, I'm a real person. I would like to hear about any suggestions, ideas, or questions you might have. You can email me at collegesavings.guide@about.com.
F.A.Q.
- Q. Can I hire you to help with my college planning situation?
- A. I'm flattered, but unfortunately, no. However, I am more than happy to provide general advice and point you towards resources that you might find helpful.
After doing some homework, if you still feel like you need professional help, you can check out my guide to the various types of college planning professionals.
- Q. How much will college cost our family?
- A. Unfortunately, there's not an easy answer. It will really depend on the unique variables of your situation. Perhaps the best way to approach estimating your costs is to calculate a "best and worst case" scenario.
Doing so will help you work backwards to find a range you should be saving within each year. You should then revisit your estimates annually to see if you are on track.
- Q. Which college savings account do you recommend?
- A. As with most financial planning discussions, there is no one right answer. Your unique situation will help determine what is right for you.
I've written an easy to follow guide that will help you narrow your choices based on the features of the different accounts.
- Q. We want to use a Section 529 Plan. Do you have a favorite?
- A. There are a lot of factors that go into choosing the right Section 529 Plan. While I can't make the decision for you, here are a few articles that will help you narrow down your choices.
Profile: Section 529 Prepaid Tuition Plans
Profile: Section 529 Savings Plans
- Q. Am I the only one stressed out about planning and saving for college?
- A. It's just you... and the parents of roughly 2-3 million children born every year who will statistically attend college someday.
Come hang out in our "Saving For College" forum. You can ask questions, share answers, and commiserate with everyone else trying to plan for this huge expense.