Tackling the tuition bill: Managing higher education expenses
As parents prepare to send their children off to college, distinct financial challenges may arise. Although many families take advantage of 529 plans and other education-specific savings accounts, most will finance college using a variety of sources and account types. It’s important for parents and students to understand how their spending decisions will affect their broader financial situation and to plan strategically. Those spending decisions will have implications for financial aid eligibility in future years, for tax costs, and for the ability to meet other financial goals, particularly retirement.