Saving for College

As the cost of a college education continues to rise (average 8%/year), it is more important than ever to plan as early as possible.  For people starting a college savings plan today, questions arise as to what is the best vehicle and how much should I save. Thrive can help by factoring this important goal into your comprehensive financial plan. We'll work with you to determine the right vehicle(s) and appropriate amount to save. 

Depending on your unique situation, here are common funding vehicles: 

  • 529 Plan 
  • Coverdell Education Savings Plan
  • UTMA Accounts
  • U.S. Savings Bonds
  • Inheritance
  • Home Equity
  • Gifts

When saving for college, special consideration should be given to future eligibility for financial aid.  Most needs based financial aid programs base eligibility on the amount of assets that are owned by the child. Generally, assets that are owned by the parents are not considered for financial aid eligibility.  If assets are held in the child’s name, or in a trust for the child, they could negatively impact eligibility.

To learn more about Saving For College, please contact us today

Thrive Wealth Management, LLC’s (Thrive) web site does not represent an offer of or a solicitation for advisory services in any state/jurisdiction of the United States or any country where the firm is not registered, notice filed, or exempt.  Thrive provides advice and makes recommendations based on the specific needs and circumstances of each client.  Clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. Thrive is not a broker dealer and does not offer tax or legal advice. Please consult your tax adviser or legal counsel for assistance with your specific needs.

Thrive Wealth Management, LLC works as your personal financial advisor or financial planner, offering you a wide range of services such as investment management, retirement planning, insurances, succesion, retirement, tax, small business and many more. We proudly serve clients from King of Prussia and Valley Forge PA, as well as the surrounding communities.

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