Saving for college

July 23, 2012 (CHICAGO)

Cliff Morgan, founder of College Planning Partners offers some advice.

July 31, 7PM
DePaul University, O'Hare Campus
8770 W. Bryn Mawr Ave., Rm #205

Workshop link:

Call (312) 267-1130 for more information.

Cliff Morgan's Top 4 Tips:

Step #1: Determine how much you're going to owe.
The best way to estimate how much college is going to cost is to use a college cost projector calculator. There is a great one available to you for free here:

Step #2: Determine how much you can comfortably set aside each month.
Here is a link to a good budget sheet you can use:

Step #3: Compare available college savings plans.
Now that you know how much you need and how much you're going to save on a consistent basis, it's time to make a decision on where you want to put it. Some options: 529 plans, Money market and bank savings accounts, Treasury Bills, Bonds including Tax-Free Muni's and Bond Funds, Cash Value Life Insurance, Choose your college savings plan wisely.

Step #4: Monitor your college savings plan on regularly scheduled basis.
This one is pretty clear-cut. A quarterly, semi-annual, or annual look at how your college savings plan is performing is a good idea. Consistently asking yourself, "am I making progress with this account?" And, "do I need to make adjustments to it?" Will keep you on track.

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