Preparing for College
On average, college graduates make almost $20,000 a year more than high school graduates.* That’s just one of the reasons it makes sense to start planning now so you can afford to meet future education needs.
Cover all the bases now to help them succeed as they head off to college.
Whether your child is still in grade school or getting ready for high school graduation, the thought of sending them off to college creates many worries:
- How will your child adapt to being away from home? How will you adapt?
- How can you afford the best education? Will you be able to get financial aid?
- What other issues do you need to address before you load the car for this next phase of life?
Let COUNTRY Financial® help you balance your need to protect what you have with your desire to build for the future.
It seems we are constantly reading about the rapidly increasing cost of college tuition. In order to save enough, it helps to have an idea about how much you need to save now to send your child to college when the time comes.
How will you pay for it? Rest assured, there are options. The key is planning. One of your greatest assets when it comes to saving for college is time. Starting early is critical to lessening the financial impact that college will make when your child finishes high school.
First, you’ll want to research financial aid options. From grants and scholarships to student loans, there are many resources available to help with college expenses.
Since you don’t know what grants and scholarships will be available, you’ll want to look into investment options to help pay for your child’s education. COUNTRY Financial offers a variety of education funding options. Some of the more popular choices include:
- 529 account – allows you to save money in state-sponsored investment programs
- Coverdell Savings Account – allows you to save $2,000 per year per beneficiary
- Roth IRA – allows you to withdraw funds for certain educational expenses
- Uniform Gifts/Transfer to Minors Act (UGMA/UTMA) – custodial accounts set up for your minor child.
All of these options offer tax benefits and each has various features and contribution limits. A COUNTRY representative, backed by a team of experts, would be happy to explain these funding options to you.
When your student is ready to go, you have a number of issues to address to ensure that they’re properly protected while attending college.
- Renter’s insurance – If your student isn’t covered under your current homeowner’s insurance, consider purchasing a separate renter’s policy to protect their property.
Putting It All Together
With the right guidance, most families can build a financially secure future for themselves. A big part of that financial security is paying for future education needs. The place to begin is with a tangible plan from COUNTRY. A plan that puts all the pieces of your financial security picture together. To find out more, contact a local COUNTRY Financial representative.
*Bureau of Labor Statistics, 2008.
Policies issued by COUNTRY Life Insurance Company®, COUNTRY Investors Life Assurance Company®. COUNTRY Mutual Insurance Company®, COUNTRY Casualty Insurance Company®, and COUNTRY Preferred Insurance Company®, Bloomington, IL. Coverage not available in all states. Read our full disclaimer.