According to the College Board, for the 2012-2013 school year, the average annual cost of tuition and fees reached $29,056 at private colleges, $8,655 for state residents at public colleges and $21,706 for out-of-state residents attending public universities. In addition, the average annual cost of room and board ranged from $9,205 at four-year public schools to $10,462 at private schools. Bottom line: it’s never too late to make affording college easier.
Planning ahead is key to staying on top of skyrocketing education costs and successfully achieving your objectives for the education of your children or grandchildren. Financial Brokerage Services will work with you to define your goals for education funding, identify available resources and choose a college savings plan to meet the future needs of your family.
Tax-Advantaged Strategies for College Funding
Whether for college, graduate school or private school for younger children, today there are many tax-advantaged savings vehicles available for educational planning. Your FBS financial planner in DC, Maryland and Virginia can help you explore options including:
- Education savings accounts
- 529 state-sponsored college savings plans
- Uniform Gifts to Minors/Uniform Transfers to Minors (UGMA/UTMA) custodial accounts
- Trust accounts
- Roth IRAs
- Mutual funds
The Financial Planner DC Families Trust with Their College Planning Needs
Let Financial Brokerage Services work with you to establish college funding strategies best suited to your objectives and risk tolerance. Call us today at (301) 320-2000.