It is often said that a college degree is an investment that pays for itself. However, the cost of this investment can often be an overwhelming burden to parents even when their child is still in elementary school. According to a recent analysis, estimated tuition costs of a four-year college program could amount to over $300,000. As a result of today’s hefty tuition costs, more grandparents are offering to assist their grandchildren with the cost of college.
What if you want to help pay for your grandchildren’s education, but don’t know how.
There are two common factors which hinder grandparents from starting to save for their grandchild’s future:
- That Uncomfortable Feeling: Yes, it may be uncomfortable as a grandparent to ask your adult children if they need help paying for their child’s education costs. But have you considered that your adult children may want the help but are too embarrassed to ask?
- The Question of When: Are you wondering when is the right time to begin saving for your grandchild’s education? We can help you with when to start and how much to save each month.
There are many different financial options and we will help your savings experience the most growth and interest.
Get Started Today:
We can help you spoil your grandchild with a gift that will last a lifetime – a college education.
Communication is the first step to implementing your plan to help pay for your grandchild’s education. Here is an easy way to bring up the idea of making a consistent financial contribution. Rather than bringing a toy as a gift for the child’s birthday, suggest that you would rather contribute to his or her college fund. Once the account is set up, contributions could be made for each occasion or achievement. You would be giving the gift of education instead of a physical gift.
After communicating your goals with your adult children, talk to your financial advisor about how and when to begin saving. As your financial advisor, we are here to help you visualize and understand how your income sources and assets can help you plan your future.
At Financial Consulting Group, our financial advisors will ensure that your grandchild’s future is bright. As our client, you will receive a personalized financial strategy based on your unique situation, your attitudes, preferences, and goals. One of our areas of expertise is college planning – a resource that can be utilized by grandparents as well as parents. Let our team work in partnership with you to pave the way towards meeting all your financial goals and needs. Call us today at (504) 835-1707.
