It’s also important to remember that those who resorted to crowdsourcing still had a substantial level of financial stability. In fact, one of Stone’s success stories from Vanderbilt University benefited from the university’s financial program (although only for the first year). Even as she turned to crowdsourcing, she still received some support from her father.
Saving Still Works
Financing experts say tested college funding solutions like saving early remain the most effective. Relying on something as apparently volatile as crowdsourcing, where too many variables are at play, would not be a wise move.
With so many things to do, parents do not always have enough time and means to determine the exact cost of a college education until they are to be paid for. According to the article, parents also tend to forget that students too would have to make their own financial decisions and need to be guided. As a result, both parents and children end up making bad financial decisions.
In dealing with these financial problems, preparation is key. Parents, when it comes to devising college funding solutions, need to be guided just like their children. If students can be taught to be financially literate, parents, too, can be taught ways on how to minimize the cost of sending them to college. This is where a college-fund specialist plays an important role.
“However, the named beneficiary isn’t the only one who can take advantage of what’s been saved up in his 529 plan. If your child who is the beneficiary chooses not to go to college, the account owner, or you, the parent, can change to any immediate family member who will go to college, or even to descendants of the named beneficiary.
Firms like The Studemont Group College Funding Solutions, LLC, with their founder John McDonough, can help you find the best college funding solutions just suited to your needs. Be sure to ask your consultant as many questions as you can about the possibility of getting started on a 529 college plan.”
“Facing a ton of student loan debt obligations is quite the horror story that college graduates tell their young peers. Thankfully, some students who still have a few years to go before they set foot in college are taking heed of the warning. Together with their parents, they make an effort to plan ahead of time. Parents and college-bound kids can look into alternative solutions for college funding, such as merit-based scholarships, with the help of college funding specialists like John McDonough of the Studemont Group College Funding Solutions, LLC.
Unfortunately, only a few organizations offer full-tuition scholarships. This means that even if students get approved for a merit-based scholarship, they still have to get additional funding to cover the rest of the education costs. The bad news is, the most accessible option is a student loan.”
“However, this plan type is often restricted to plan owners and benefactors who are residents of the state where the fund was opened.
The Right Plan
The 529 Plan is a helpful scheme that has allowed many youths get the education they deserve. One state may offer several 529 Plans so it is important for would be plan owners to weigh their options carefully. Additionally, parents may also want to explore other viable college funding solutions, and advisors like John McDonough of the Studemont Group College Funding Solutions, LLC can provide these parents with the necessary guidance.”
Building a fund for college not only entails saving up in the bank; it also requires key strategies that involve parents and children alike. By hiring a professional who specializes in college funding, you will get a better perspective on how you should approach your child’s college education. Moreover, your child will also be guided accordingly when it comes to choosing the appropriate college to go to, understanding various admission policies, and gauging his or her chances of getting into one of the country’s leading academic institutions.
Education reforms being formulated by the government are likely to lessen the load of parents and students in the coming years. For now, however, effective solutions for college funding are what you need. Experienced college funding specialists like those from the Studemont Group can help families prepare through plans that effectively cover all the expenses without gravely compromising their financial well-being.