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College Debt a Double Whammy for Families

College

If you’re struggling to save for college for your children, you’re not alone. A survey by the Certified Financial Planner Board reveals that nearly half of parents have not started saving. One of the reasons, according to the survey, is 31 percent are dealing with their own student debt.

With the four-year bill of many public universities totaling $100,000, can you prepare for the cost of college, while paying down your own debt? Here are a few suggestions from our experts:

Track your student loans. Outline how much you owe, monthly minimum payment amounts and the loan terms in one document, so you know where you stand.

Take control of debt. Take a look at your list of liabilities, assess which debts should be paid off first—focusing on paying off higher interest loans first, while keeping in good standing on your other loans. Create a debt snowball effect –after paying off your high-interest loans, deploy that amount you were paying to your next loan and so-forth. Create a plan to pay off each of these loans one by one.

Put yourself first, financially. Make sure you cover the basics—fund an emergency account of at least six months’ worth of expenses and prioritize retirement contributions.

Finally, save for the cost of college. There are a range of options: from 529 savings or prepaid tuition plans to custodial accounts, gifting or other tax-advantaged strategies—to name a few.

When it comes to saving for college, it is important to understand your options. Your time frame for needing these funds is another essential consideration. With a longer time horizon, parents have more years to take advantage of compounding. You will want to mitigate the risk level of your investments the closer you get to needing these funds.

At Busey, our team of professionals can help you plan—no matter your stage in life. Visit any Busey location, call 1.800.67Busey or visit busey.com today.

 

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Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. You should discuss any tax or legal matters with the appropriate professional.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, and are not insured by any financial institution insurance, the FDIC/NCUA or any other government agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Raymond James is not affiliated with the financial institution or the investment center. Busey Investment Services is independent of Raymond James Financial Services, Inc.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Busey Investment Services and not necessarily those of Raymond James. The information has been obtained from sources conserved to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.

Busey Investment Services
100 W. University
Champaign, IL 61820
217.365.4860

 

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