Gabriel Lindemann Highlighted in Broker World Magazine
College has become the single largest investment for American families, and for some, the costs associated with funding higher education go beyond the sticker price of tuition. While families increasingly realize the threat of rising college costs, the overlooked scope, and scale of its effects are arguably even more detrimental as parents nationwide sacrifice their own retirement stability to fund their child’s academic pursuits. This is the unfortunate reality of Americans nationwide, but luckily, college planning services are on the rise to mitigate these challenges.
Qualified college planners are vital in today’s environment because of their unique ability to address college funding concerns and the dilemma of selecting the best schools for students and parents. After working with a college planner and selecting the colleges you will apply to, the question, “How do I pay for college without going broke?” inevitably comes into play. Essentially, there are only five ways to pay for college: federal loans, private loans, qualified assets, home equity, and cash flow/nonqualified assets.
However, government rules per the FASFA application list out which assets are exempt and ultimately do not raise your Expected Family Contribution (EFC)/Student Aid Index (SAI) scores. These include whole life insurance, annuities, and index universal life insurance (IUL). Compared to whole life insurance and annuities, IUL can have many moving parts, so it is crucial to ensure that your college plan is designed correctly for you and your child.
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