February 2019 Boerne Business Monthly Article, Are You Financially Prepared for Your Child to Go to College?
“It is said, “don’t blink,” because just like that, your kids are grown. If you blinked, then suddenly you might have one in high school who is starting to think about college or his or her next steps. You may have thought you had more time to save for college, but now here it is. Or you may have just realized you will have two in college at the same time. The theme of this article is for you to learn from my mistakes. Here are some tips to save money on college expenses for your kids.
• Do not demand your child attends college.
• If your child does go to college, in-state tuition is less than out-of-state; public is less than private.
• Community colleges are less expensive, and many course credits will transfer.
• Do not change schools! • Do not change majors.
• Scholarships may be available assuming your student qualifies and is willing to apply for them.
• Loans
• Tax credits
• Tuition is just a small part of the total college expense.
• If your college student rents, watch out for damage charges on the move out bill.
• Pets
• Your college student could get a job, but it is important to evaluate how many hours they can work and still maintain their grades..
If you need assistance with education tax credits, would like a consultation with adding children to your payroll or are interested in investing in property in your college student’s future hometown, please contact ADKF. We have tax and business advisors ready to assist you with your needs.”
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