Episode 17: Old school vs. new school
Finance 101On this episode…
For many families, it used to be a given that kids would attend a four-year college or university after high school. But between the rising costs of education and the changing landscape caused by the pandemic, families are reconsidering the norm. Casey, a mother of six children, was set on sending her oldest daughter, Candice, to a traditional four-year college until COVID-19 opened her eyes to alternative paths. With finances in mind, Casey and Candice said goodbye to the old school way of doing things and hello to an unconventional approach.
This episode’s expert is John Bryson, Head of Investment Consulting and Education Savings at John Hancock Investment Management. John shares guidance on how to prioritize saving for college while juggling other financial goals.
Key Takeaways:
Do your research on alternative education options before choosing a path. Consider a gap year or online classes for your child if they can’t have the college experience they are hoping for.
Don’t let college savings compete with your retirement plans. It’s important to prioritize both long-term goals.
Opening a 529 plan is a great way to save for your child’s education. Your tax-free investment can be used towards thousands of eligible institutions, plus things like room and board and computers.
Starting small is better than not starting at all. Contribute a consistent dollar amount automatically each month to make the process more painless.
Want to learn more? Check out:
How to plan for college if your family finances are changing
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