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Education Planning
Planning to send a child to college is no small task. Including room, board and expenses, the total costs for a 4-year public college are up 6.5 percent to $15,213; and for a 4-year private college up 4.4 percent to $35,636, according to the College Board. Assuming such costs increase by 5% a year, the projected cost of college in 15 years will be more than $140,000 for a 4-year public college and more than $280,000 for a 4-year private college*. That's why it's important to start planning now!
Whether your child is young and you have years to save, or already in high school our advisors can help. 529 College Savings Plans, Coverdell Education Savings Accounts and Custodial Accounts (UGMA/UTMA) are great tools to help you save for your child or grandchild's future college costs and expenses.
Contact an F&M Investment Services financial consultant to help you determine which product best fits your needs and objectives.
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are available for investments in such state 's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
* Information provided by College Savings Foundation website
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