Question: What is your current education savings strategy?
Answer: “When preparing for education expenses you will find there are three basic methods available. You can save, you can attempt to lower the costs, or you can borrow. Many families pay for college through a 529 account or savings, but there are some disadvantages to this strategy as well. A 529 plan is attached to the market which can be volatile and makes funding college more stressful on the family. Also, a 529 account is restricted, which means that the money in the account can only be used for education purposes. This can be an issue if your child receives a scholarship or decides not to attend a university. The money will sit there, and won’t be able to be used for anything other than educational purposes. Lastly, money in a 529 account is counted towards FAFSA’s calculation of loans and financial aid, which can be problematic if your child plans on taking out student loans.
An alternative to the 529 account is “A Gift of a Lifetime.” This is a whole life policy that can be used to fund your child’s education. The money in the account is not attached to the market and can be used for expenses other than education (wedding ring, house payment, car payment, etc.). Also, a whole life policy on your child doesn’t show up on FAFSA’s radar screen. It is the best of both worlds.”
Thank you, Casey Bradley, a Financial Services Professional from The Piedmont Group.
Casey Bradley can be reached at (770) 789-2969 or by email. His office is located at 1050 Crown Pointe Pkwy, Suite 1800 in Atlanta, Ga 30338
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The advice that you are being given is meant to assist with a problem, but since all information about the individual, is not known, it should not be taken as a definitive response. You should consult your personal provider, with specific problems.
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The advice that you are being given is meant to assist with a problem, but since all information about the individual, is not known, it should not be taken as a definitive response. You should consult your personal provider, with specific problems.
LIKE THIS ARTICLE: Sandy Springs Dunwoody Macaroni Kid is a free weekly newsletter and website focused on fun family events and information in Sandy Springs, Dunwoody, Chamblee, Doraville, Atlanta, and Perimeter. We gather together all kinds of local family events and activities each week and add useful information about classes, family-focused businesses, book and product reviews, recipes, crafts, school and camp guides and more. We proudly serve families in Sandy Springs, Dunwoody, Chamblee, Doraville, Atlanta, and Perimeter! Sandy Springs Dunwoody Macaroni Kid is full of useful local information like this PLUS tons of kid-friendly events on our event calendar. Have an event you'd like submitted to our calendar for consideration? Submit an event here. Like what you see here and want to get all the fun delivered to your inbox weekly? Subscribe to our FREE weekly e-newsletter for 411 on the local family fun. You can find Sandy Springs Dunwoody Macaroni Kid on Facebook, Twitter, Instagram, and Pinterest.
