college planning

Consider partnering with a WFG agent to begin creating a plan for higher education costs. Our agents are equipped to tailor a plan to your specific needs, whether it's for your child's k-12 private education or college expenses. They can show you how an educational plan can alleviate the financial strain of post-secondary education.

• Many families face a significant financial challenge when it comes to the cost of education, and a large number of them underestimate just how expensive it can be.
• The cost of college tuition has continued to increase in recent years, and this trend is expected to continue for the 2022-2023 school year. On average, in-state tuition at a public college is $10,423, out-of-state tuition is $22,953, and private college tuition is $38,185.
• In two years, the total cost for a four-year degree at a public college, based on the current in-state tuition of $27,940 and a 5% college cost inflation rate, will be $132,768.2.

How We Can Help

• Our agents are able to assist you in developing a personalized savings plan for college, which can alleviate some of the financial stress associated with funding your child's education.

Frequently Asked Questions

At what point should I start saving for my child's education?

It's important to begin saving for your child's education as soon as you can. College costs can add up quickly, and starting early gives you the opportunity to benefit from compound interest. If your child is nearing college age and you need to increase your savings, consider speaking with a WFG independent agent. They can assist you in finding all possible options, such as scholarships, grants, and student loans.

What is the appropriate amount to set aside for education?

The cost of a college education can vary greatly depending on the type of institution your child attends and the length of their degree program. Our agents take into account inflation and regularly reassess your financial situation and your child's educational plans to provide an accurate estimate of the cost.

Can taking out education loans replace the need for saving?

Education loans can help cover college expenses when savings fall short, but they are not a complete replacement. Depending solely on loans could result in a heavy debt load after graduation and impact your financial flexibility. Additionally, the interest on education loans can significantly raise the total cost of your education.

How can I balance saving for education with other financial objectives?

It is common for people to worry about balancing education savings with other financial priorities such as raising a child, planning for retirement, and buying a home. Our agents are skilled in creating a budget that takes into account your income, expenses, and long-term financial goals. By setting specific financial targets, it becomes easier to plan how to allocate your spending each month.