August: The time of year that you see extra-long twin sheets on sale, cars jam packed with stuff traveling down the highway, and now smaller and smaller laptops being bought at Best Buy. Yes, August is the time for college freshmen to embark on a new stage of life called “independence” or at least “live outside of mom and dad’s house but go home for laundry.”
Some of you may be enjoying (or at least in) this stage right now. That means that you probably already did your due diligence on financial aid, 529 plans, Stafford loans, the Hope Credit and all the other college savings options out there. But even if you have, we encourage you to continue researching as laws change periodically and new options become available at various times.
However, if you’re just starting out or are thinking about saving for college, a good resource is SavingForCollege.com. This provides a large range of research and material on available options. It also gives you a simple calculator that helps you estimate what your college costs might be based on various assumptions. This website is a great way to get you started but it will not replace a strong financial plan. Be sure to call us to see how college savings should fit into your whole financial plan.