Education Funding  |  529 College Plan  |  Coverdell Education Savings Account  |  

Education Funding

The value of an education is hard to measure because it affects so many aspects of life. Certainly, it has a significant impact on earnings potential, but its value goes far beyond that – a richer, more fulfilling life, which is why sending a child to college is a goal for most parents. That’s probably because, according to the U.S. Census Bureau, someone with a Bachelor’s Degree earns on average 62 percent more money than those with just a high school education. But did you know that by the time a child born in 2009 reaches college age, the costs of getting that higher education will be approximately $180,000 for public schools and $435,000 for private ones? 

It’s not surprising, then, that investing in a child’s educational future is a common goal of parents and grandparents. You may feel that the many funding options can be confusing, but you can help alleviate those costs by investing in your child’s future education right now. There are two specific ways you can do this: the Coverdell Education Account (ESA) and the 529 College Savings Plan. 
MRM & Associates can help guide you through them.

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