Concerned About Paying for College? Take Action!

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  • Many parents have a shared dream of seeing their children attend college and receive a quality education that can help set the foundation for a successful career. But paying for college can be difficult. Fear not, as help may be closer than you think.
    There are many savings programs available from various sources that can help develop a savings plan tailored specifically to your situation. There are 529 savings plans available through state and federal institutions, as well as all sorts of grants, financial aid plans and even life insurance packages that provide college funding options. The issue for many parents is choosing an option and taking action.
    “The important part is that parents do something, anything. Sometimes there’s this paralysis by analysis,” says Sedrik Newbern, an Allstate Insurance agent based in northern Illinois.
    “I recommend to just do something. Sticking the money under a mattress or getting a savings account, or really having a conversation with your insurance agent or financial specialist to figure out ways that you can accumulate money in a way that doesn’t put much of a tax burden on you and allows you to grow your money, so when your child is of college age, you’ll have money to pay for it.”
    Newbern notes that while having a plan in place and taking action is important, the dramatic increases in the cost of college may be exceeding the amount of assistance available through traditional financial aid vehicles.
    Many parents have a shared dream of seeing their children attend college and receive a quality education that can help set the foundation for a successful career. But paying for college can be difficult. Fear not, as help may be closer than you think.

    There are many savings programs available from various sources that can help develop a savings plan tailored specifically to your situation. There are 529 savings plans available through state and federal institutions, as well as all sorts of grants, financial aid plans and even life insurance packages that provide college funding options. The issue for many parents is choosing an option and taking action.

    “The important part is that parents do something, anything. Sometimes there’s this paralysis by analysis,” says Sedrik Newbern, an Allstate Insurance agent based in northern Illinois.

    “I recommend to just do something. Sticking the money under a mattress or getting a savings account, or really having a conversation with your insurance agent or financial specialist to figure out ways that you can accumulate money in a way that doesn’t put much of a tax burden on you and allows you to grow your money, so when your child is of college age, you’ll have money to pay for it.”

    Newbern notes that while having a plan in place and taking action is important, the dramatic increases in the cost of college may be exceeding the amount of assistance available through traditional financial aid vehicles.

    Costs Are on the Rise
    The Washington Post recently reinforced Newbern’s assessment, as it reported that financial aid is not keeping pace with the rising cost of college, citing a study by the College Board Advocacy and Policy Center.

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