Besides purchasing your home, paying for your child’s college costs will most likely be the biggest financial obstacle in your life. The cost of college on average increases three to four times the rate of inflation every year, so that means college costs can increase up to 12% from year to year. Fortunately, there are many different financial vehicles available that are specifically designed to help plan for these costs. Most of these products will offer tax advantages as well but some may only be tax free if the funds are specifically used for the cost of college.
To understand all the options available contact a licensed representative today.