Financing Your Childs Education
Posted: February 2, 2021
Updated: February 2, 2021
From the moment you first held your child in your arms, you knew you wanted to give them every opportunity the world. But seeing the increasing price of college tuition, you might be worried how you’re going to afford their education. The good news is you’re not alone. As your trusted financial partner, we’re here to support you as you work toward your family’s long-term financial goals.
Start Early
It might be hard to imagine your child writing admissions essays if they don’t know how to write their name yet, but it’s never to early to start saving for their college education. You can begin saving small amounts now that will grow over time. Landmark offers several options to help you build a nest egg including savings, money market or certificate accounts. You could also open a Coverdell Education Savings Account (ESA) to enjoy tax-deferred growth or meet with one of our Landmark Investment Center financial consultants to explore other options. Additionally, you can research the 529 college savings plans offered in your state such as Edvest in Wisconsin.
Get a Birthday Boost
If your child receives plenty of gifts from family and friends for their birthday, consider using it as an opportunity to contribute to their college savings. Perhaps give them one gift they want and then invest the rest of the money you would have budgeted for presents. You can also encourage your child to put extra money they receive from their birthday and other celebrations into their own savings account.
Apply for Scholarships
Whether your child is a great student, excellent athlete, or spends their weekends volunteering in the community, there are bound to be scholarship opportunities available to them. Have your child ask their school guidance counselor, reach out to college financial aid offices or use the U.S. Department of Labor’s scholarship search tool to find ones they may qualify for. By putting in a little effort to complete scholarship applications, it can make a huge difference in defraying the cost of higher education.
Fill the Gaps
Faster than you may feel ready for, your child will be donning a cap and gown with their high school diploma in hand. After you’ve exhausted other financial aid options, we’ll be here to help you fill in the gaps to cover their tuition. We’re pleased to provide our members with Student Choice loans that offer low interest rates, principle and interest deferment while in school and graduated repayment to make monthly payments more manageable.
If you have big dreams for your little one, we’ve got your back. You can rely on Landmark to meet your family’s financial needs every step of your journey.