As with any journey, One Financial Services believes the path you choose should depend on the destination. Our experienced team will explore all the varied options for education funding based on the age of the child along with your family’s other financial priorities.

There are many ways to put together a plan to fund your child’s college education. At One Financial Services we begin with an individualized, detailed analysis of your assets and cash-flow as well as future earnings, including any savings you already have and any current debt. Through this analysis we can determine how much you will need to save, whether taking out a loan will be a viable option as well as examine a school’s payment plan.

As parents, it comes down to three options: You can save all of the anticipated college costs. Or, save as much as you can of the anticipated cost, then supplement the balance with college loans. Or, should you be unable to save anything toward the cost, hope for approval of the expense with 100% college loans.

The sooner the better is more than a cliché; it is the basis for sound education planning. If you anticipate becoming parents, you could begin saving even before you have children. The longer the time you have to invest the less demand it will place on your monthly cash flow and the better your position when the time comes. There are several options for designated education accounts, including “owned accounts” and tax advantaged 529 accounts.

Every family is different. At One Financial Services we assist you in considering the individual needs of your family including how long before the child or each child goes to college. Is it next year, five years, 10 years? Do you have any savings set aside specifically for college, or will loans be the primary means of accomplishing the goal?

A 52-year-old parent with an 18-year-old going to his/her freshman year of college and with a younger sibling age 15 who will do the same in three years, may decide to sacrifice retirement savings to pay for college. The plan is admirable, but when those children graduate with no debt, the 60-year-old parent finds themselves unprepared for retirement.

In today’s competitive higher education environment, colleges and universities know working within a family’s financial needs is an important part of attracting the best, brightest and most diverse student body. One Financial Services works with our clients to help them navigate a school’s payment options which often range from a per semester payment to monthly payments to extended payments over time. Those payments will then be analyzed to see how they work within your budget and within any loan payments.

There are several Federal loan options available designed to assist with your child’s education. No one type is better than another. Your One Financial Services advisor will work with you to analyze the benefits of the loan, from Subsidized to Unsubsidized to Parent Plus, that best fits your family’s needs.

The best college savings account is one you contribute to regularly and that fits comfortably within your family’s budget. Each account should reflect the goals of you and your child as well as your current and anticipated future earnings.