There are many routes to fund higher education and, thankfully, almost as many ways to get there. The cost of four-year degrees has skyrocketed, and it has many parents, students and family members channeling more effort into both college financing and new ways to approach higher education in general.
Whether you go the route of creating a separate stock portfolio, investing in a 529 Savings Plan, or encouraging savings gifts from loved ones, the best financial vehicles are the ones you commit to using. Keep in mind the sooner you start saving, the better. Even modest savings can add up over time. We know it might be difficult for some families to save for all four years, but we encourage you to at least have a goal of saving for one year. Setting up a systematic plan and incorporating it into your monthly budget is a great option for pursuing your goals.
And remember, "higher education" comes in many forms and will likely be very student- and degree-specific. The most comforting part of this equation is the best school isn't always the most expensive, particularly if it meets the needs of the student and provides the appropriate academic program for the desired career path.
busey.com is full of resources, definitions, and clarifications for a variety of college financing options. Your best resource, however, is our team of experienced financial advisors and planners. They can assess your unique situation and devise a strategy that will take the stress out of financing college - so you can focus on preparing your student for the life ahead. Remember, college planning is only one component of your financial picture. Prioritizing various financial goals - from college expenses to financial preservation and retirement - is important. Contact us today or call 1.800.67 l Busey to develop a strategy.
*Note: Investors should carefully consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 college savings plans is available in the issuer's official statement, which should be read carefully before investing. Also, before investing, consult a tax advisor and consider whether your state offers a 529 college savings plan that provides residents with favorable state tax benefits.
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 bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Busey Bank, Busey Wealth Management, and Busey Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services.
Busey Investment Services
201 W. Main St.
Urbana, IL 61801