Let’s be honest…
… getting an education is expensive, and it’s only going to get more expensive.
With student loan debt on the rise, more and more students graduate and find themselves saddled with large loan payments. One thing no one talks about is how these loans will affect their financial future. They can make it difficult to qualify for a mortgage, buy a car or get a loan to start a business.
While student loans may still be necessarily as few people can afford to pay higher education costs out of pocket, with a little planning, the loans can be significantly smaller.
The best time to start saving for higher education is now. You don’t have to be a parent in order to set up a savings account for a child’s education, you can be a grandparent, an Aunt, an Uncle, 4th cousin twice removed, or even a god parent.
These accounts grow tax free and as long as they are used for approved educational expenses the earnings will not be taxable. Some of these approved expenses include tuition, books, school supplies, room and board.
If there is a child or children in your life that you’d like to help with their future educational costs, we’d be more than happy to discuss the current options available.
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Lifestyle Financial
Office: (800) 834-2250
Fax: 949-241-8569
200 Sandpointe Avenue
Suite 160
Santa Ana, CA 92707
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