We know that debt is not a good thing but often "good debt" is considered OK for education that provides a better job opportunity.
Options to college loans, if a 529 plan was not put in place, include using home equity, taking a loan from your 401k, accessing ROTH IRA money, or sacrificing other spending and paying as you go. Start with a 2-year community college and then consider other options including commuting from home to your local university.
Many times parents are willing to pay for an Undergraduate Degree but not a Graduate Degree. Ric Edelman has a wonderful solution to this. He suggests that the student spend less in undergraduate courses and use the savings to help fund a better graduate school. The pile of money is the same but just distributed differently.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.