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College Expenses
by Joyce Dutton
http://www.laconcollege.com

Paying for college is one of the largest expenses a parent
will face in their lifetime, other than paying for a house.
Because of this, care needs to be taken as well as special
planning and allocations of finances in order to take the
burden away from this expense. Starting early is the best
option, even when your child is a toddler is not too soon.
Consider the following timeline for saving for your childs
college education.

When college is 15 years or more away, then you should open
and education IRA that will allow you to save conservatively
for your childs college. Also, since there is a lot of time
before your child will need the money this is the time to
invest in aggressive funds or stocks. As the time for
college nears, you will want to save money in conservative
ways, but now is ok to be aggressive if you wish.

When college is 10 15 years away for your child, then there
are some additional things you can do. First, consider
prepaid tuition plans that allow you to pay for college over
a period of time before your child ever reaches the first
day of school. The problem with this is you take the
decision away from your child of which college they want to
attend. Also, talk to your accountant about different
savings plans your state offers for college savings. More
than likely, there are some plans that will help you meet
your savings needs or receive tax breaks. Also, make sure
your portfolio is more secure and stabilized. Try to get
your investments in order and start saving more
conservatively.

When college is only five years away, you will want to make
sure your investments correspond to the cost of college and
that everything is stable and on the right track. If this is
not the case, then you can either begin saving more
aggressively during this time or rely on student loans to
get your child through college.

When the time for college arrives if you still find yourself
lacking enough money to pay for tuition, room and board, and
other expenses, then consider looking into student loans.
Most students have some kind of student loan or other so if
you need extra funds this is a great way to get them.
Student loans have low interest rates, as well.
Another thing is that when your child is in college, there
are many tax breaks that you can claim on your tax returns
that will save you money as well.

As you can see, when you start planning and saving early,
the idea of paying for college is not nearly as frightening
as waiting until the last minute.

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