As you or a family member get closer to college, you might start to prepare early. For example, colleges might consider your income and account balances when apply for financial aid, as well as your tax returns from two years prior to when you apply to college. Hence, you might consider hiring financial and tax planners to ensure you are making the most financially advantageous moves for yourself now.
Even state college tuition, room/board and books/fees can run $10,000 or more per year. Ivy League schools can run $80,000 or more without financial aid. Hence, now is the time to guage your future college member’s interests and update your plan accordingly.
FarPlanner can help with that plan!
FarPlanner’s family member ‘tracker templates‘ come preloaded with expense trackers intended to estimate undergraduate and graduate college expenses. If you plan to take out educational loans, loan trackers can be added to your plan as well.
FarPlanner can then provide a forecast of how college expenses could impact your retirement years decades from now. FarPlanner can also suggest safer investments to shift funds into to prepare for the out-of-pocket expenses during those college years.