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What Issues Should I Consider To Fund My Child’s College Education? (2023)

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Financial Aid Issues

Do you need help determining which financial aid form to complete (FAFSA, CSS, 568 group)?
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If completing FAFSA, do you need help estimating your Expected Family Contribution (EFC)?
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Are you divorced or separated from your spouse?
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Has your financial situation changed since the financial aid decision?
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Funding Issues

Does the cost of college exceed your Expected Family Contribution as calculated by FAFSA?
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Do you hope to find grants, scholarships or awards?
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Do you expect relatives (such as grandparents) to gift money?
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Does your child expect to become an elementary or secondary school teacher?
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Did you or your spouse serve (or currently serve) in the military?
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Would your child consider military service?
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Do you expect to need a loan to cover additional education related expenses?
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Will your child have loans and plan to work in the government or for a nonprofit for 10 years?
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Tax-Advantaged Account Issues

Do you have an IRA, Roth IRA, or employer retirement plan?
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Do you have a 529 account?
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Do you have a Coverdell Education Savings Account?
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Do you own Series EE or I Bonds?
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Tax Planning Issues

Is your MAGI less than $90,000 ($180,000 if MFJ)?
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Does your state offer an income tax deduction or credit for 529 plan contributions?
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Are you eligible for any education tax credits and have a 529 account?
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Will you or your child have student loans?
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Investment advisory services provided by Lantz Financial, LLC, an SEC registered investment adviser.

This piece is for informational purposes only and should not be considered investment advice. Material presented is believed to be from reliable sources and no representations are made by our firm as to another party’s informational accuracy or completeness. 

Past performance is no guarantee of future results.

Neither Lantz Financial, LLC nor its representatives provide tax or legal advice, and nothing herein should be construed as such. Always consult with your tax advisor or attorney regarding your specific circumstances.

Updated 12/1/2022

© fpPathfinder.com. See the disclaimer.

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