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Theres no doubt that investing in higher education opens up the world to them and comes with many advantages.
But its also not always financially accessible.
For that reason,planning aheadis your wisest option.
All shared their advice on how you cansend your kids to college without going into debt.
Scholarships
Scholarships are a surefire way to help students avoid debt while attending school, said Selita.
The amazing thing about scholarships, there are so many that you have no idea even exist.
On top of all this, there are also a multitude of private scholarships.
Salahi also recommended this approach.
Scholarships and grants can drastically reduce college costs.
Students should apply for multiple scholarships, even smaller ones, as these can add up.
He also noted that many overlook local scholarships, which often have less competition.
Ive seen students piece together $20,000 or more annually in scholarship funds through persistent applications, he said.
Shirshikov noted that families can utilize financial aid to minimize borrowing.
He explained that many schools use the FAFSA to determine eligibility for merit-based scholarships as well.
Families should focus on maximizinggrants and work-study programs, which dont require repayment.
Additionally, he said to consider negotiating with colleges for a better financial aid package.
529 Plans, ESAs andgovernment savings bonds.
So, this can help gifting family members lower their future taxable estate.
529 plans offer a lot of flexibility and are a great vehicle for lowering tax liabilities, he said.
Salahi agreed, noting that a 529 plan is an excellent vehicle fortax-advantaged college savings.
Salahi continued, One family I advised started a 529 plan for their newborn, contributing $200 monthly.
A 529 college savings plan is one of themost effective toolsfor this purpose, Shirshikov said.
These plans allow contributions to grow tax-free, and withdrawals for qualified education expenses are also tax-free.
I advise parents to set up automatic contributions, even if its a small amount each month.
Over time, this can make a significant impact.
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