 Special
Note To My Friends And Possible Clients
I wanted you to know about a program we are using to help cover college tuition expenses. My family went through many options in looking to cover
our son's tuition. We found "Free Money" and "Your Money" options.
The purpose of this message is to share what amounts to thousands of
dollars and hours of time spent on researching options and paying for
advice.
Free Money includes grants and scholarships.
Your Money includes 529 plans, Gift to Minors, school loans, and other
investments or funds from your savings.
You will likely find that your income
will prevent you from qualifying for grants. As far
as other forms of "free" money, unless your
child has a seriously high SAT or GPA, or both, you
may not get more than a small amount of money from
scholarships. I would be happy to tell you how my son
received about $3,000, and how his hard earned 3.5 GPA and 1190 SAT did not help.
If your child can develop a serious talent in music or art, or spend hours doing major community service, you may qualify for some additional scholarships. If your child is a young athlete leading his youth sports league is statistics, the matter of sports scholarships will become a reality some day as in high school very few go on to college sports so
enjoy your youth sports days.
When it comes to Your Money options
to pay tuition, you do have options. You can get a school loan and pay back the principal and interest. You can borrow against the equity in your home and again pay back the principal
and interest. You can take money out of your savings and it is gone forever.
You get the picture. If you invest in a 529 plan or Gift to Minors there
are investment and withdrawal restrictions and the financial dynamic is "you
are still spending your money". With the Your Money options you spend
your money
and once spent.....your money is gone.
When you realize you will need to fund
some or most of the tuition with Your Money, I suggest you check out the program I used. If you have a 529
plan or other college savings you may still want to look at this option.
The program I decided to use for my
three kids allows for funds to be directed to tuition or anything I want and the source of funds lasts
for the lifetime of the account holder. The cost of this option is minimal compared to other Your Money options. This program works as long as you pay the
money back into your program. Remember, your other Your Money options require
you to either pay a bank back and when spent, your money is gone. With this program you pay yourself back and your program increases in value. Once
you
have paid yourself back you can withdraw your funds again and repeat
the repayment process.
I really like this program and no one
told me about it through the numerous college planning meetings we attended. As part of my business I now offer this program to my clients. The first person I introduced this program
to purchased the program for their son. One parent is a Principle for a
local school and her husband owns his own business. Their child attends a public university with a $14,000/year tuition including room and board. They
will cover this cost and pay themselves back. After college their son can,
with parental approval, use the program (after graduation) to fund a new car, cover graduate school tuition, or pay for whatever he needs. As long
as the borrowed funds are paid back into the program they can repeat the process over and over.
I hope this helps. Good luck.
If you are interested in more info,
please email or call.
Warmest Regards,
Phil Calhoun
Lic# 0752323
714.664-0311 |
