College Planning

Engaging in education or college planning for your children is one of the best investments you can make. However, its importance doesn’t diminish the stress or anxiety you may feel around planning for such a large expense. At Scheffel Financial Services, Inc., we make it easier by providing comprehensive financial planning services that incorporate your children’s educational plan. 

How Much Does College Cost? 

This is a common question, although it’s not the easiest one to answer. Yes, many colleges list their tuition prices on their website, but there are a variety of factors that can affect the listed prices. For instance, if your children are still many years away from attending college, then the prices listed today may not resemble the tuition you’ll need to pay in the future.  Beyond tuition, factors like room and board, books, and personal needs can all rapidly affect the amount you need to save. To ensure you’re on the right path, we’ll help list out these potential expenses so you can be well-prepared. 

What Are The Best Ways to Save? 

There are a variety of ways to financial tools to help you save for college: 

• 529 Plans 
• Coverdell Educational Savings Accounts 
• UTMA or UGMA accounts 

Our goal is to make education planning simple. To do so, we’ll help go over the advantages and disadvantages of each account type and how they align with your overall financial goals.  Call us today at 618-656-1207. We can set up an appointment to better understand your goals and help ensure you’re on the right path to reach them.