Ranstrom Financial Planning Services

Planning for College Education

Planning for a college education or any type of post secondary degree can be both complex and intimidating. We seek to simplify this process by breaking it down to two steps.

Assessing the expected cost of the desired type of education.
Reviewing sources of funding for the education. General sources of funding include the following:
- Cash flow from parents.
- Existing savings and investments.
- Specific college savings plans such as Section 529 plans, Educational IRAs, and custodial accounts.
  - Note: Each of these types of plans has advantages and disadvantages which should be reviewed thoroughly.
- Potential for qualifying for need-based financial aid including grants, work study, and low interest rate loans.
- Potential for qualifying for other scholarships which can be awarded based on academic achievement and special talents and skills.
- Student part-time employment.
- Low interest rate student loans.

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