In this episode, we will discuss the biggest myths about paying for your children’s college tuition. And we'll share with you how you can survive your children's college years without destroying your retirement.
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This is an exciting topic. The cost of college tuition spiraling out of control can cause a lot of stress on parents. They think it’s up to them to be able to afford for their kid's college tuition.
But it's not all financial doom and gloom. There may even be a way to make paying for college tuition painless.
A lot of parents believe several major myths about being able to afford college tuition for their children. And these parents are planning on paying for college tuition without realizing that some of these myths aren’t true. You see, the way colleges and universities determine financial aid and grants is very different from what most of us are taught to believe.
So join us as we dispell mythise and bring some sunshine to your outlook.
College Tuition Topics Discussed:
* The mounting task of paying for college tuition
* Dispelling the "I make too much money" myth
* What factors college financial aid actually look at to determine eligibility
* FAFSA (Free Application for Federal Student Aid) and what Expected Family Contribution is
* How inherited capital and assets impact your child's chances of getting college financial aid and grants
* How your 401K and IRA contributions can impact your kid's ability to get college financial aid
* The limitations of 529 plans
* How 529 plans can hurt you
Episode Takeaways:
* Even people who don't make a ton of money believe they can't receive any aid for college tuition. Not true.
* The biggest thing that will prohibit you from getting any financial aid is if your kids have assets -- including 529 plans.
* Approximately 5 to 6% of the family’s assets are included in the Expected Family Contribution calculation
* The family income—the perceived factor people stress about the most —is what colleges weigh the lease