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How to Pay for College in 3 Phases, Ep #222
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How do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?
Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School.
How you pay for your student’s college is one of the most important financial decisions you’ll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.
Outline of This Episode- [1:53] Why college? Is it necessary?
- [2:41] Average cost of college
- [4:42] Phase #1: The Saving Phase
- [10:02] Phase #2: Preparing for college
- [20:44] Phase #3: In-college strategies
- [22:57] Summarizing the big points
- The Retirement Podcast Network
- Social Security – Lifetime Earnings of College Graduates
- Morningstar – How to Choose a 529 Plan
- The FAFSA Application
- IRS – American Opportunity Tax Credit (AORC)
- IRS – Lifetime Learning Credit
- Independent Education Consultants Association
- US News – Qualified 529 Expenses
- Charles Schwab – 529 to Roth Rollovers
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