College Planning

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner practitioner

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Hello and welcome to another edition of Something

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More with Chris Boyd.

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My name is Jeff Perry.

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Chris Boyd is at a conference this week.

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So Russ Ball, my co-host today, and

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I have the privilege of sitting in for

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him.

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How are you doing, Russ?

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Pretty good, Jeff, pretty good.

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Enjoying the spring weather out here on the

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Cape?

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How about you?

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We were back on Cape Cod last weekend

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for Mother's Day to celebrate with some friends

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and family.

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And half the weekend reminded me why I

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moved and the other half of the weekend

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reminded me, hey, this is nice sometimes.

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Yeah, yeah, it's definitely becoming that time of

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year.

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So just in time for Memorial Day.

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It's a beautiful time when that weather breaks

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and you feel the sunshine again and the

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warm weather and the ocean breeze.

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And Cape Cod's a beautiful place from mid

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-May to October.

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Yeah, yeah, this is my first winter getting

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through it up here.

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And it was definitely an experience.

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So it feels even more glorious when the

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leaves start going out on the trees and

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life feels really good again.

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Well, speaking of different places, you just returned

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from Minnesota.

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You were at a conference for the Wealth

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Enhancement Group.

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Tell our listeners what you did there.

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Yeah, so I was out there from Tuesday

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to Thursday.

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We had a next-gen conference, excuse me.

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And just getting to know the company, getting

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to know leadership, getting to see the Wealth

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Enhancement offices, all that was really great.

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And probably most of all, just meeting other

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advisors from across the country.

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I met folks from Texas, California, Florida, New

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Jersey, you name it.

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So I think there were about 75 advisors

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from across the country that came from different

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Wealth Enhancement teams.

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Just doing some idea sharing and talking about

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what their practices are doing and how they're

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helping their clients.

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So it was a really beneficial, really great

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experience and good to finally have that actual

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connection with Wealth Enhancement on the corporate side.

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So really successful trip, I'd say.

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Well, when we transitioned over to Wealth Enhancement,

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oh, about a year and a half ago,

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that was one of the primary reasons that

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we decided that Chris Boyd and Kristen decided

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to join Wealth Enhancement Group because of the

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resources and the connections to other people in

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it.

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It comes up, I won't say every day,

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but frequently where we have a unique thing

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that we've never seen before in a client.

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Every client is unique.

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And Chris and Kristen have certainly seen practically

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everything.

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But sometimes you get something that's a little

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odd or a little narrow that you haven't

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dealt with and having all the resources across

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the country with experts in practically every field.

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Even a couple of weeks ago, we did

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a podcast with an advisor from the DC

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area who is a specialist because he's built

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a practice being specialist on benefits of federal

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employees, like something that we on Cape Cod

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typically don't deal with.

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We don't have a lot of federal employees

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on Cape Cod and it's good to have

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someone like him or whatever the issue is,

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right?

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So making those connections.

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Next gen, I guess you're the next generation,

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Russ.

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I guess so.

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I guess so.

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But to your point, I think the other

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thing I like about Wealth Enhancement broadly is

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just everyone's so willing to help and be

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a resource.

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I think not just on the corporate side,

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but other teams, we have these email groups

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that we're talking to other advisors about different

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ideas and doing that idea sharing and everyone's

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always so responsive and ready to jump on

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and help out.

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So I think that's a really useful part

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of the Wealth Enhancement infrastructure.

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I agree.

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It doesn't feel corporate.

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It feels still like a team, like a

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smaller environment because you're only dealing with certain

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individuals or certain teams on any given subject.

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It's not the corporate structure that's weighing you

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down and filling out forms all day or

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whatever the case might be.

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Exactly.

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Well, speaking of next generations, I think it's

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the perfect segue.

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I'm going to a graduation, my granddaughter's graduation

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party coming back in Massachusetts for the first

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weekend, the second weekend of June.

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So speaking of next generations, right?

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And so there's high school students all over

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the state, country, graduating and deciding what to

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do next job, entering the job force, going

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in the military, going to college, trade schools,

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whatever it is.

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And there's just as many probably, or a

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few less, obviously, who are graduating from college

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and going to grad school, going into the

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workforce.

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So in the spirit of all this changes

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that is going on, I think it's good

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to talk about during this episode is to

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cover some of the basics of college planning.

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Our family has done a lot of college

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planning in the last year, because Faith, the

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granddaughter I mentioned, has decided where to go.

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And she went through all the school visits

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and everything.

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And it's a lot, but it really doesn't

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start there.

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I mean, a lot of families start there

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like, oh, wow, my child's graduating.

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We gotta make a plan.

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Right, right.

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Ideally, we'd love people to start at the

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beginning, meaning a child is born, right?

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And I looked up the data.

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For a child born in 2025, it's projected

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that the cost of a undergrad, four-year

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degree, at a public university in 18 years

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will be $182,000.

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And the average cost is projected to be

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at a private school is $234,000.

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Yeah.

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We always have clients saying, what's my number?

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Usually they're talking about retirement, right?

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What's my number?

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What do I need to retire?

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Well, that's your number for a new parent,

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right?

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And on top of all the other changes

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that you're going through, especially if it's the

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first child.

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Right.

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It's like, oh, I guess I should think

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about this child, this little baby, this seven

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pound person that's gonna be someday.

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And we'd like them to go to college

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and build a profession and life, right?

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And so I think that's, when someone has

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a child, I think that's, at least on

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the mind, a lot of people don't take

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action because they're overwhelmed.

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But I think that's like a driving force

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to say, okay, we've got to be responsible.

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Maybe we should save for college.

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Yeah.

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Yeah, absolutely.

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And I think, like you said, the sooner

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you start, the more of a leg up

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you have on saving those big amounts of

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dollars that are needed.

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So you can reverse engineer this.

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People like to do math.

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Some people, some don't.

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But you can have a number that you're

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shooting for, $200,000 roughly over 18 years,

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and you can do the math.

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We help clients with this all the time.

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We do 529s for our clients who are

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in need.

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And you can actually say, how much do

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I need to save with a projected return

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and come up with a formula that shows

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how much you need to save a month

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or whatever the frequency is to have a

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good shot of reaching this goal.

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And so that's kind of simple.

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But you know what?

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I've done that with countless people.

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What I see happen is you give them

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the number and it's like, oh, we can't

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afford that.

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Like, you know, we're new.

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This baby's gonna cost us money.

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Who knows?

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Diapers are expensive.

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Somebody, you know, one of the spouses can't

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work as much, you know, whatever the situation

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is, right?

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And so that causes many people to do

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nothing, right?

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They say, oh, I can't afford $500 a

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month, which is, you know, a lot of

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money for a young couple in our hypothetical

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here.

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But I want to encourage people to do

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something because, you know, you can do it

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gradually.

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It's just like saving for retirement.

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You have a goal.

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It's probably more than 18 years away if

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you're just starting but you have a goal

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and you might just put in the minimum

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when you start your first 401k or whatever

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savings plan you have, retirement plan.

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And you don't put in that 10 or

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15% that we might recommend but you

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just do something to get the match.

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And I would just encourage young people who

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are starting out and maybe just had a

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baby or maybe the child's five years old

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and you haven't done something is to do

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something.

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And generally, there's different ways to save.

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You know, some states have these prepaid college

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plans, which in my opinion, a little bit

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restrictive to think that I'm in Florida, to

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think that if I have a saving for

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someone that, you know, in 18 years they're

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definitely gonna wanna go to FSU or, you

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know, University of Florida or wherever.

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I think the best way, and I'd love

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to get your input, is the standard 529

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account invested for a young child, invested in

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the S&P 500, just a broad-based

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exposure to equities and just dollar cost average,

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whatever you can afford, review it every year

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and say, you know, can I afford another

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$50 this year, right?

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Yeah, definitely.

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I think the, like you said, the flexibility

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of the 529 is probably one of the

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best traits other than the, you know, tax

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efficiency of a 529, which is also amazing,

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but just having the option.

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So let's say you have a kid and

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you're saving from the day they're born, you're

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saving for their college and then they decide,

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well, actually, I don't wanna go to college

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and, you know, it might not be ideal

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for the parent if that's what they envision

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them doing, but you can move those savings

273
00:10:35,810 --> 00:10:38,750
to another child, you know, in your life.

274
00:10:39,030 --> 00:10:40,950
So it's not as restrictive.

275
00:10:41,130 --> 00:10:41,910
Very flexible, yeah.

276
00:10:42,110 --> 00:10:44,150
I mean, if I, like, I also looked

277
00:10:44,150 --> 00:10:46,650
at the, some of the different options for,

278
00:10:47,490 --> 00:10:49,610
that they have in Massachusetts for Massachusetts schools.

279
00:10:49,910 --> 00:10:51,970
Again, it's like, well, yeah, you don't know

280
00:10:51,970 --> 00:10:53,470
for sure if your kid is gonna go

281
00:10:53,470 --> 00:10:56,230
to school in that state and it is

282
00:10:56,230 --> 00:10:57,570
a little bit restrictive in that way.

283
00:10:57,570 --> 00:11:03,670
So 529, it's relatively simple, it's streamlined and

284
00:11:03,670 --> 00:11:04,730
it's very flexible.

285
00:11:05,650 --> 00:11:07,230
I had an advisor I used to work

286
00:11:07,230 --> 00:11:09,170
with and he said, you know, when his

287
00:11:09,170 --> 00:11:10,690
kid was born, he just started putting $50

288
00:11:10,690 --> 00:11:11,290
a month.

289
00:11:11,530 --> 00:11:13,770
Just, it didn't seem like a lot and

290
00:11:13,770 --> 00:11:16,290
he just put it in a growth fund

291
00:11:16,290 --> 00:11:20,310
and, you know, 17 years later, it's doing

292
00:11:20,310 --> 00:11:20,810
pretty well.

293
00:11:21,210 --> 00:11:22,070
So, yeah.

294
00:11:22,450 --> 00:11:25,130
It is, you know, we don't like the

295
00:11:25,130 --> 00:11:27,070
term, set it and forget it.

296
00:11:27,870 --> 00:11:29,270
You know, you do wanna monitor it, but

297
00:11:29,270 --> 00:11:31,590
a 529 is pretty close to that.

298
00:11:32,550 --> 00:11:33,230
Yeah, yeah.

299
00:11:33,390 --> 00:11:36,390
And just consistently, like you said, consistently contributing,

300
00:11:37,090 --> 00:11:39,110
even if it's not a huge amount of

301
00:11:39,110 --> 00:11:41,890
money, because it does seem like a very

302
00:11:41,890 --> 00:11:44,310
daunting number when you hear those college expenses,

303
00:11:44,510 --> 00:11:46,170
especially for those private schools.

304
00:11:47,410 --> 00:11:49,770
But anything is better than nothing, just like

305
00:11:49,770 --> 00:11:52,730
retirement savings and just getting that money invested

306
00:11:52,730 --> 00:11:53,370
early.

307
00:11:53,970 --> 00:11:55,330
Time is on your side.

308
00:11:55,330 --> 00:11:56,830
If you start when the kid is a

309
00:11:56,830 --> 00:12:00,570
newborn, so definitely a great way to start

310
00:12:00,570 --> 00:12:02,790
preparing for those expenses down the road.

311
00:12:02,950 --> 00:12:03,310
Yeah.

312
00:12:03,530 --> 00:12:05,990
So, you know, we're talking like we know

313
00:12:05,990 --> 00:12:08,190
what a 529 is because we work with

314
00:12:08,190 --> 00:12:08,410
them.

315
00:12:08,530 --> 00:12:11,270
We assist clients with opening them and managing

316
00:12:11,270 --> 00:12:11,530
them.

317
00:12:11,630 --> 00:12:14,230
But for the person listening to the podcast

318
00:12:14,230 --> 00:12:15,870
who says, what's a 529?

319
00:12:16,130 --> 00:12:17,510
I guess we should go back a little

320
00:12:17,510 --> 00:12:17,770
bit.

321
00:12:18,110 --> 00:12:19,490
I apologize for not doing that.

322
00:12:19,630 --> 00:12:24,550
529 is a tax deferred saving program to

323
00:12:24,550 --> 00:12:26,790
save for any type of future education.

324
00:12:26,990 --> 00:12:29,590
It's opened by an adult.

325
00:12:29,710 --> 00:12:31,190
It could be a parent, could be a

326
00:12:31,190 --> 00:12:32,810
grandparent, doesn't have to be related.

327
00:12:33,350 --> 00:12:34,810
And they name a beneficiary.

328
00:12:34,950 --> 00:12:36,810
So I'll just, I like to make it

329
00:12:36,810 --> 00:12:37,170
personal.

330
00:12:37,450 --> 00:12:39,830
So a long time ago, my wife and

331
00:12:39,830 --> 00:12:42,750
I opened a 529 as Faith as a

332
00:12:42,750 --> 00:12:43,390
beneficiary.

333
00:12:44,050 --> 00:12:45,790
And so we put money in every month

334
00:12:45,790 --> 00:12:47,050
as we're suggesting you do.

335
00:12:47,130 --> 00:12:48,750
You don't have to put in every month.

336
00:12:48,810 --> 00:12:49,730
You could front load it.

337
00:12:50,210 --> 00:12:53,110
You could put, you have gift tax issues,

338
00:12:53,110 --> 00:12:56,910
which is a really somewhat detailed conversation, but

339
00:12:56,910 --> 00:12:58,830
to avoid the gift tax, you could put

340
00:12:58,830 --> 00:13:01,410
$19,000 in a year or you could

341
00:13:01,410 --> 00:13:03,250
fill a form and put more in.

342
00:13:03,970 --> 00:13:05,630
But so you can do like a forward,

343
00:13:06,010 --> 00:13:08,210
you can fund it forward or you can

344
00:13:08,210 --> 00:13:09,510
do it monthly or you can do it

345
00:13:09,510 --> 00:13:10,410
just when you have money.

346
00:13:10,850 --> 00:13:12,510
Anybody can contribute to it.

347
00:13:12,930 --> 00:13:14,810
So if you opened it for your child

348
00:13:14,810 --> 00:13:17,310
or grandchild and someone else wanted to give

349
00:13:17,310 --> 00:13:20,250
the child a birthday present and they could

350
00:13:20,250 --> 00:13:22,510
contribute to the 529 as well.

351
00:13:22,510 --> 00:13:25,530
So the money goes in, it grows, tax

352
00:13:25,530 --> 00:13:26,190
deferred.

353
00:13:26,730 --> 00:13:29,410
No one's, there's no taxes, no annual tax.

354
00:13:29,510 --> 00:13:31,150
It just grows and grows and grows.

355
00:13:31,630 --> 00:13:34,670
And then you can use that money, not

356
00:13:34,670 --> 00:13:35,490
just for college.

357
00:13:35,490 --> 00:13:37,450
You can use it for high school.

358
00:13:37,690 --> 00:13:39,050
For example, if they went to a private

359
00:13:39,050 --> 00:13:41,870
high school, if they got some special assistance

360
00:13:41,870 --> 00:13:43,970
for their education, maybe they were having some

361
00:13:43,970 --> 00:13:48,050
trouble and needed some summer camp, if you

362
00:13:48,050 --> 00:13:49,690
will, you could pay for that.

363
00:13:50,310 --> 00:13:52,470
If they go to college, you can pay

364
00:13:52,470 --> 00:13:57,550
the tuition, room and board, housing, meals out

365
00:13:57,550 --> 00:13:58,250
of the 529.

366
00:13:59,030 --> 00:14:00,730
If they went to a trade school, if

367
00:14:00,730 --> 00:14:02,670
they wanted to learn trade and not go

368
00:14:02,670 --> 00:14:06,090
to a traditional college, you can use it

369
00:14:06,090 --> 00:14:06,870
to pay for that.

370
00:14:07,250 --> 00:14:08,710
So there's lots of ways you can pay

371
00:14:08,710 --> 00:14:08,830
it.

372
00:14:08,950 --> 00:14:12,250
The term educational expenses is very broad.

373
00:14:12,670 --> 00:14:15,750
The payment comes directly from the 529 to

374
00:14:15,750 --> 00:14:18,290
the institution and it's nice and clean.

375
00:14:18,290 --> 00:14:19,930
And when you do that for an educational

376
00:14:19,930 --> 00:14:22,830
purpose, for that beneficiary, it's tax free.

377
00:14:23,030 --> 00:14:25,370
So all the growth that happened over the,

378
00:14:25,850 --> 00:14:28,250
in theory, 18 years, however long you had

379
00:14:28,250 --> 00:14:30,390
it, you never pay taxes on.

380
00:14:30,490 --> 00:14:31,650
So that's a great deal.

381
00:14:32,270 --> 00:14:36,070
So there was a common objection from some

382
00:14:36,070 --> 00:14:38,390
parents and grandparents saying, well, I like that

383
00:14:38,390 --> 00:14:41,210
idea, but what if my child doesn't go

384
00:14:41,210 --> 00:14:42,430
to college, right?

385
00:14:42,470 --> 00:14:45,070
So they would say like, I don't know.

386
00:14:45,130 --> 00:14:46,030
I don't wanna risk it.

387
00:14:46,110 --> 00:14:48,750
I don't wanna, but that's really, that objection

388
00:14:48,750 --> 00:14:53,730
has been eliminated, if you will, by some

389
00:14:53,730 --> 00:14:57,130
recent acts in Secure 2.0. That's an

390
00:14:57,130 --> 00:14:58,370
act that Congress passed.

391
00:14:58,490 --> 00:15:00,790
And now if there's any money left over

392
00:15:00,790 --> 00:15:03,190
in a 529 or they don't go to

393
00:15:03,190 --> 00:15:06,830
college at all, that money up to $35

394
00:15:06,830 --> 00:15:10,370
,000 of it, assuming that the child or

395
00:15:10,370 --> 00:15:13,690
now adult has earnings can be rolled over

396
00:15:13,690 --> 00:15:15,710
into an IRA for the benefit of that

397
00:15:15,710 --> 00:15:16,830
child or that person.

398
00:15:18,510 --> 00:15:21,850
Or let's say that child doesn't go and,

399
00:15:21,970 --> 00:15:25,490
or maybe the child doesn't want the IRA

400
00:15:25,490 --> 00:15:27,510
or things aren't well with that child.

401
00:15:27,610 --> 00:15:29,070
That child's not in a healthy position.

402
00:15:29,390 --> 00:15:32,250
You can change the beneficiaries as you noted.

403
00:15:32,490 --> 00:15:34,490
So if you have another child, or maybe

404
00:15:34,490 --> 00:15:37,070
you can actually change it to yourself if

405
00:15:37,070 --> 00:15:39,250
you wanted to, but you can rename the

406
00:15:39,250 --> 00:15:42,770
beneficiary and as long, as many times as

407
00:15:42,770 --> 00:15:43,170
you want.

408
00:15:43,690 --> 00:15:45,290
And if that doesn't work for you, you

409
00:15:45,290 --> 00:15:47,750
can take the money out and then you

410
00:15:47,750 --> 00:15:48,750
pay taxes on that.

411
00:15:48,910 --> 00:15:50,870
The government's not gonna let you avoid taxes

412
00:15:50,870 --> 00:15:51,230
on that.

413
00:15:51,350 --> 00:15:55,450
So it's to your point, super flexible and

414
00:15:55,450 --> 00:15:57,810
really the best method.

415
00:15:58,310 --> 00:16:00,250
Before the 529, there were a couple other

416
00:16:00,250 --> 00:16:04,090
methods that are still out there and available.

417
00:16:04,250 --> 00:16:05,530
They have a lot of limitations and they

418
00:16:05,530 --> 00:16:07,550
just don't have the benefits that a 529

419
00:16:07,550 --> 00:16:08,070
has.

420
00:16:08,990 --> 00:16:09,670
Yeah, yeah.

421
00:16:09,770 --> 00:16:13,190
And I think that new $35,000 Roth

422
00:16:13,190 --> 00:16:16,950
rollover is, for those people that are like,

423
00:16:17,030 --> 00:16:19,090
well, I'm not sure, it seems like a

424
00:16:19,090 --> 00:16:19,650
lot to save.

425
00:16:20,030 --> 00:16:21,370
There's that benefit to that.

426
00:16:21,470 --> 00:16:23,530
You're also just saving for their future.

427
00:16:23,650 --> 00:16:25,110
If they don't use all of the funds,

428
00:16:25,630 --> 00:16:28,010
you can still use that for their retirement.

429
00:16:28,530 --> 00:16:31,870
And that's a pretty great leg up really

430
00:16:31,870 --> 00:16:34,310
early in life to have a $35,000

431
00:16:34,310 --> 00:16:36,730
Roth in the first few years of working

432
00:16:36,730 --> 00:16:37,030
life.

433
00:16:37,170 --> 00:16:38,610
That's pretty good deal, so.

434
00:16:39,090 --> 00:16:41,110
What a gift that, what a graduation gift

435
00:16:41,110 --> 00:16:41,570
that is.

436
00:16:41,630 --> 00:16:41,850
Yeah.

437
00:16:41,850 --> 00:16:43,190
Those extra money and all.

438
00:16:43,650 --> 00:16:45,670
We've paid for your college education and there's

439
00:16:45,670 --> 00:16:48,430
$20,000 left for opening a Roth IRA

440
00:16:48,430 --> 00:16:48,910
for you.

441
00:16:49,250 --> 00:16:49,810
Yeah, yeah.

442
00:16:50,030 --> 00:16:51,070
And they might not feel it in the

443
00:16:51,070 --> 00:16:53,330
moment in 21 or 22, whatever, but.

444
00:16:53,470 --> 00:16:54,410
Oh, they definitely wouldn't.

445
00:16:54,530 --> 00:16:55,590
They'd be like, thank you.

446
00:16:56,030 --> 00:16:57,270
I can't take that out?

447
00:16:57,410 --> 00:16:58,250
Okay, nevermind.

448
00:16:58,530 --> 00:16:58,850
Right.

449
00:17:00,150 --> 00:17:01,710
That'll be growing for the rest of their

450
00:17:01,710 --> 00:17:02,130
life, so.

451
00:17:02,150 --> 00:17:04,329
35 years later or whatever it is and

452
00:17:04,329 --> 00:17:06,890
it's worth a million dollars or something, they're

453
00:17:06,890 --> 00:17:08,109
like, wow.

454
00:17:09,410 --> 00:17:11,170
Exactly, they'll be thanking their parents then.

455
00:17:11,170 --> 00:17:12,030
Yeah.

456
00:17:12,970 --> 00:17:16,650
We're joking around and things are funny because

457
00:17:16,650 --> 00:17:17,950
they're based in truth, right?

458
00:17:18,130 --> 00:17:22,109
So young people, many young people, there's exceptions

459
00:17:22,109 --> 00:17:24,630
to this generalized statement, but many young people

460
00:17:24,630 --> 00:17:27,569
don't have a good understanding of money when

461
00:17:27,569 --> 00:17:28,930
they're graduating high school, right?

462
00:17:29,730 --> 00:17:33,110
And so they, so let's go, let's fast

463
00:17:33,110 --> 00:17:33,450
forward.

464
00:17:33,650 --> 00:17:35,150
You've saved your money and now you have

465
00:17:35,150 --> 00:17:40,210
a graduating student and you're starting that process

466
00:17:40,210 --> 00:17:42,370
of choosing your college, right?

467
00:17:42,490 --> 00:17:45,250
And gee, it's so common.

468
00:17:45,450 --> 00:17:47,350
It's so difficult for a 17 or 18

469
00:17:47,350 --> 00:17:48,950
year old to say, oh, what do I

470
00:17:48,950 --> 00:17:50,450
wanna study, right?

471
00:17:50,490 --> 00:17:51,790
I mean, let's talk about the basics.

472
00:17:51,870 --> 00:17:54,210
What do I wanna study and do for

473
00:17:54,210 --> 00:17:55,050
the rest of my life?

474
00:17:55,070 --> 00:17:58,290
It's like, it's ridiculous to think that that's

475
00:17:58,290 --> 00:17:58,850
gonna work.

476
00:17:59,030 --> 00:18:01,990
Yeah, it's extremely, I mean, at least in

477
00:18:01,990 --> 00:18:04,370
my experience and even with some of my

478
00:18:04,370 --> 00:18:09,330
friends, it's extremely daunting and scary proposition to

479
00:18:09,330 --> 00:18:10,350
be like, all right, now I have to

480
00:18:10,350 --> 00:18:12,790
choose right after finishing high school or, you

481
00:18:12,790 --> 00:18:12,910
know.

482
00:18:13,190 --> 00:18:13,610
How do I know?

483
00:18:13,750 --> 00:18:15,290
I have no basis for it, right?

484
00:18:15,290 --> 00:18:18,210
Exactly, if you've never been in the workforce,

485
00:18:18,410 --> 00:18:19,910
you don't really know what you would like

486
00:18:19,910 --> 00:18:21,550
and what you want your career to look

487
00:18:21,550 --> 00:18:21,730
like.

488
00:18:22,030 --> 00:18:24,390
There are other people like, my best friend's

489
00:18:24,390 --> 00:18:24,750
an architect.

490
00:18:24,750 --> 00:18:26,150
I knew he was gonna be architect since

491
00:18:26,150 --> 00:18:27,350
we were in like second grade.

492
00:18:27,630 --> 00:18:29,650
So there are those types too who are

493
00:18:29,650 --> 00:18:31,230
just like, that's just the track and that

494
00:18:31,230 --> 00:18:33,010
they know what they wanna do, but not

495
00:18:33,010 --> 00:18:33,750
everyone's like that.

496
00:18:33,750 --> 00:18:37,410
And choosing a college based on, you know,

497
00:18:37,530 --> 00:18:39,230
what you might think you might wanna do

498
00:18:39,230 --> 00:18:40,690
is a very difficult thing.

499
00:18:41,530 --> 00:18:43,190
Absolutely, so, you know, if you're a young

500
00:18:43,190 --> 00:18:45,350
person out there, like we get it.

501
00:18:45,610 --> 00:18:47,390
And if you're a parent or grandparent, give

502
00:18:47,390 --> 00:18:49,990
them some grace because think back and think

503
00:18:49,990 --> 00:18:51,550
back of all the things that you've done

504
00:18:51,550 --> 00:18:52,910
since you graduated high school.

505
00:18:53,070 --> 00:18:55,310
And it's probably not that you've worked in

506
00:18:55,310 --> 00:18:58,770
one profession based upon your college experience and,

507
00:18:59,030 --> 00:19:00,790
you know, always stayed in that profession.

508
00:19:00,930 --> 00:19:03,790
Most people jump around or, you know, see

509
00:19:03,790 --> 00:19:05,190
something else and say, oh, I'm gonna go

510
00:19:05,190 --> 00:19:06,650
back to school or I'm gonna see if

511
00:19:06,650 --> 00:19:07,830
my skills transfer.

512
00:19:08,090 --> 00:19:10,930
So not only is the decision of like,

513
00:19:10,950 --> 00:19:13,910
what should I study, which should be the

514
00:19:13,910 --> 00:19:17,030
first choice of people thinking about college.

515
00:19:17,370 --> 00:19:18,550
It's probably not though.

516
00:19:19,570 --> 00:19:21,950
No, I love my granddaughter more than I

517
00:19:21,950 --> 00:19:24,990
can describe, but she's a runner and her

518
00:19:24,990 --> 00:19:28,830
decision on where to go was certainly based

519
00:19:28,830 --> 00:19:30,770
somewhat on what she's gonna study.

520
00:19:31,990 --> 00:19:34,590
But it was really about running, right?

521
00:19:34,710 --> 00:19:35,630
Where does she wanna run?

522
00:19:35,690 --> 00:19:37,270
What division does she wanna run in?

523
00:19:37,930 --> 00:19:39,390
You know, the whole thing.

524
00:19:39,810 --> 00:19:41,710
So, and then when you get down to

525
00:19:41,710 --> 00:19:44,670
money, 18 year olds, you know, maybe they've

526
00:19:44,670 --> 00:19:46,810
worked, maybe they haven't, but they really can't

527
00:19:46,810 --> 00:19:48,790
put their head around, you know, if the

528
00:19:48,790 --> 00:19:51,790
school is gonna cost $100,000 for four

529
00:19:51,790 --> 00:19:55,590
years after maybe some federal and state aid

530
00:19:56,710 --> 00:19:57,890
and what that means.

531
00:19:57,890 --> 00:20:01,290
And you have students like signing these just

532
00:20:01,290 --> 00:20:04,390
loan documents, not understanding really what it means

533
00:20:04,390 --> 00:20:07,010
or deciding to go to a school because

534
00:20:07,010 --> 00:20:08,810
of reasons that have nothing to do with

535
00:20:08,810 --> 00:20:09,110
money.

536
00:20:09,270 --> 00:20:11,810
And, you know, family's not wanting to say,

537
00:20:11,890 --> 00:20:13,850
we can't afford that or you shouldn't choose

538
00:20:13,850 --> 00:20:14,190
that.

539
00:20:14,530 --> 00:20:16,610
So it's a difficult time.

540
00:20:16,710 --> 00:20:19,330
So it pays to like spend some time

541
00:20:19,330 --> 00:20:24,330
planning, like have these discussions with your child,

542
00:20:24,330 --> 00:20:28,090
the grandchild, just say child, about the expectations

543
00:20:28,090 --> 00:20:30,170
from the family, what they're able to afford

544
00:20:30,170 --> 00:20:33,550
and explain what taking out a $100,000

545
00:20:33,550 --> 00:20:36,150
loan over four years is going to mean

546
00:20:36,150 --> 00:20:36,870
at the end.

547
00:20:39,030 --> 00:20:41,050
And, you know, come up with an agreed

548
00:20:41,050 --> 00:20:45,710
upon budget and then focus your search for

549
00:20:45,710 --> 00:20:47,550
colleges based upon that budget.

550
00:20:48,590 --> 00:20:50,790
Because it can, the process, if you're not

551
00:20:50,790 --> 00:20:53,610
prepared, can really get, can really run away

552
00:20:53,610 --> 00:20:54,150
from people.

553
00:20:54,150 --> 00:20:57,710
So planning, budgeting, having open conversations.

554
00:20:58,290 --> 00:21:00,610
We've had as a guest on the podcast,

555
00:21:00,930 --> 00:21:03,570
Russ, I don't know if you've, I think

556
00:21:03,570 --> 00:21:05,150
it may have been before you joined our

557
00:21:05,150 --> 00:21:08,530
team, but Cozy Whitman of Inside College Track.

558
00:21:08,690 --> 00:21:10,370
And she has a service.

559
00:21:10,790 --> 00:21:12,490
She's one of the principals of a service

560
00:21:12,490 --> 00:21:15,690
that does consulting with families and, you know,

561
00:21:15,730 --> 00:21:17,290
will hold their hand as much as they

562
00:21:17,290 --> 00:21:20,930
want or just, you know, answer questions along

563
00:21:20,930 --> 00:21:21,330
the way.

564
00:21:21,330 --> 00:21:24,630
And it probably pays to at least talk

565
00:21:24,630 --> 00:21:26,410
to somebody like that if you haven't gone

566
00:21:26,410 --> 00:21:29,630
through this process before, because it's complicated and

567
00:21:29,630 --> 00:21:30,990
it's difficult.

568
00:21:31,790 --> 00:21:32,090
For sure.

569
00:21:32,290 --> 00:21:34,370
And I would imagine having that conversation with

570
00:21:34,370 --> 00:21:37,710
a professional, as well as the, you know,

571
00:21:37,730 --> 00:21:40,150
graduating child of the child that's looking into

572
00:21:40,150 --> 00:21:40,630
colleges.

573
00:21:41,170 --> 00:21:43,870
Because like you said, there's like that financial

574
00:21:43,870 --> 00:21:48,430
outlay and signing those loan documents for a

575
00:21:48,430 --> 00:21:49,210
18 year old.

576
00:21:49,210 --> 00:21:52,010
It's like, they can't conceptualize what that's gonna

577
00:21:52,010 --> 00:21:52,830
mean down the road.

578
00:21:52,970 --> 00:21:54,610
And if everyone's, you know, doing the same

579
00:21:54,610 --> 00:21:56,230
thing, it's like, oh yeah, like a couple

580
00:21:56,230 --> 00:21:58,230
of hundred thousand in student loans, it's no

581
00:21:58,230 --> 00:21:58,870
big deal.

582
00:21:59,090 --> 00:22:00,630
Yeah, I'll worry about that later.

583
00:22:00,650 --> 00:22:03,110
I'm gonna get this job that pays me

584
00:22:03,110 --> 00:22:04,230
half a million dollars.

585
00:22:04,530 --> 00:22:06,450
Or it might not even be about the

586
00:22:06,450 --> 00:22:06,690
job.

587
00:22:06,810 --> 00:22:08,450
I've seen this other too, where it's like,

588
00:22:08,550 --> 00:22:11,330
oh, it's a great school, great campus, seem

589
00:22:11,330 --> 00:22:12,290
like really nice people.

590
00:22:12,510 --> 00:22:15,170
And I'm gonna go follow my passions that

591
00:22:15,170 --> 00:22:18,270
might not be the most lucrative after college,

592
00:22:18,370 --> 00:22:18,570
you know.

593
00:22:18,570 --> 00:22:22,590
So there's a lot of, you know, even

594
00:22:22,590 --> 00:22:24,230
when I was looking at colleges, I remember

595
00:22:24,230 --> 00:22:26,070
like the campus was a big deal.

596
00:22:26,590 --> 00:22:28,370
Like how nice was the campus?

597
00:22:29,090 --> 00:22:30,490
And- How nice are the dorms, right?

598
00:22:30,490 --> 00:22:31,210
Right, right.

599
00:22:31,350 --> 00:22:33,290
And looking back, it's like, who cares?

600
00:22:34,330 --> 00:22:36,230
That's not how you should be selected at

601
00:22:36,230 --> 00:22:36,750
your college.

602
00:22:37,650 --> 00:22:39,810
But of course, as an 18 year old,

603
00:22:39,870 --> 00:22:41,830
it's like, you're basing it off of what

604
00:22:41,830 --> 00:22:43,770
you know and what you're interested in, so.

605
00:22:44,210 --> 00:22:45,890
Well, if you ever wanna wonder about the

606
00:22:45,890 --> 00:22:48,990
college tours, and I, you know, this is

607
00:22:48,990 --> 00:22:53,110
my first time helping someone go through that

608
00:22:53,110 --> 00:22:55,110
process with visiting schools with faith.

609
00:22:56,290 --> 00:22:57,590
It's a sales pitch.

610
00:22:57,990 --> 00:23:00,390
I mean, like, so what are they showing

611
00:23:00,390 --> 00:23:00,710
you?

612
00:23:01,090 --> 00:23:03,030
They didn't show you, they didn't show us

613
00:23:03,030 --> 00:23:04,010
too many classrooms.

614
00:23:04,770 --> 00:23:08,830
You know, like, it was a certain dorm,

615
00:23:09,070 --> 00:23:11,010
or is the, a lot of time spent

616
00:23:11,010 --> 00:23:15,530
on showing you the cafeterias and the meal

617
00:23:15,530 --> 00:23:19,330
plans, and the student gym and the, you

618
00:23:19,330 --> 00:23:21,470
know, all the clubs and the, you know,

619
00:23:21,770 --> 00:23:24,670
the nightlife and the, whatever it is, right?

620
00:23:24,750 --> 00:23:27,430
So, I mean, they're putting their, it's competition.

621
00:23:27,590 --> 00:23:29,330
These schools are competing for students.

622
00:23:29,710 --> 00:23:33,690
So it's, academics is, should be the first

623
00:23:33,690 --> 00:23:35,630
reason that people are going, you know, is

624
00:23:35,630 --> 00:23:38,010
there a program there that you wanna study?

625
00:23:38,090 --> 00:23:39,050
You think you wanna study?

626
00:23:39,150 --> 00:23:40,310
Do they have a good reputation?

627
00:23:40,490 --> 00:23:41,250
Are they accredited?

628
00:23:41,250 --> 00:23:43,090
All these kinds of, like, basic things.

629
00:23:44,350 --> 00:23:46,670
Finances is certainly another big factor.

630
00:23:47,470 --> 00:23:49,310
Set expectations, as we talked about.

631
00:23:49,590 --> 00:23:52,130
And is this a school that someone can

632
00:23:52,130 --> 00:23:52,530
afford?

633
00:23:52,650 --> 00:23:55,790
Not everybody can afford $100,000 a year.

634
00:23:56,670 --> 00:23:58,210
And do you need it, right?

635
00:23:58,370 --> 00:24:00,130
And, but I think, you know, going through

636
00:24:00,130 --> 00:24:03,430
the experience and listening to Cozy Whitman a

637
00:24:03,430 --> 00:24:06,170
few times, and I think it's important that

638
00:24:06,170 --> 00:24:08,010
you do spend some time on fit, though.

639
00:24:08,130 --> 00:24:10,590
Like, so the size of the college, the

640
00:24:10,590 --> 00:24:12,430
location, you know, do you wanna live close

641
00:24:12,430 --> 00:24:12,850
to home?

642
00:24:12,950 --> 00:24:13,610
Do you wanna commute?

643
00:24:14,210 --> 00:24:16,370
Is it important that you are in a

644
00:24:16,370 --> 00:24:17,070
certain climate?

645
00:24:17,210 --> 00:24:18,650
For Faith, she wanted to be in a

646
00:24:18,650 --> 00:24:19,790
cooler climate for running.

647
00:24:20,330 --> 00:24:22,190
I was hoping she'd come to Florida, but,

648
00:24:22,390 --> 00:24:24,490
you know, too hot here for her to

649
00:24:24,490 --> 00:24:24,730
run.

650
00:24:25,430 --> 00:24:28,210
You know, so where is a good fit

651
00:24:28,210 --> 00:24:28,750
for you?

652
00:24:29,730 --> 00:24:34,510
And the culture of a university or college,

653
00:24:34,730 --> 00:24:36,990
they are different, but that requires some homework

654
00:24:36,990 --> 00:24:39,490
and some digging in, there's lots of rating

655
00:24:39,490 --> 00:24:40,090
services.

656
00:24:40,330 --> 00:24:43,010
I mean, parents, I think, when they're thinking

657
00:24:43,010 --> 00:24:46,850
about the culture of a university or college,

658
00:24:46,990 --> 00:24:48,970
they see, is it on the top 10

659
00:24:48,970 --> 00:24:50,190
party list school, right?

660
00:24:51,110 --> 00:24:54,010
You know, you're not going there, but, you

661
00:24:54,010 --> 00:24:54,170
know.

662
00:24:54,350 --> 00:24:56,510
So all these things really matter, and it

663
00:24:56,510 --> 00:24:58,230
has to be a deliberate process.

664
00:24:58,590 --> 00:25:01,170
And it's one that I think our kids

665
00:25:01,170 --> 00:25:03,630
and grandkids do need help with, even if

666
00:25:03,630 --> 00:25:05,390
they seem to know what they want, because

667
00:25:05,390 --> 00:25:07,690
there's a lot of things that, you know,

668
00:25:07,710 --> 00:25:10,170
at 18, you don't have a good understanding

669
00:25:10,170 --> 00:25:10,510
of.

670
00:25:11,370 --> 00:25:13,530
Absolutely, yeah, and just to tack on one

671
00:25:13,530 --> 00:25:16,050
other thing is when you're visiting the colleges

672
00:25:16,050 --> 00:25:18,390
to talk to other students, to talk to,

673
00:25:18,470 --> 00:25:20,770
if you can to talk to faculty, let's

674
00:25:20,770 --> 00:25:22,530
say there's a program you're interested in, like

675
00:25:22,530 --> 00:25:24,590
let's say it's a business school, you can

676
00:25:24,590 --> 00:25:26,310
talk to, you can set up appointments even

677
00:25:26,310 --> 00:25:29,010
with faculty members, get to know them a

678
00:25:29,010 --> 00:25:30,190
little bit, cause those are most likely gonna

679
00:25:30,190 --> 00:25:32,390
be your mentors and teachers for the next

680
00:25:32,390 --> 00:25:33,490
four years.

681
00:25:33,490 --> 00:25:37,090
So I think that could be useful when

682
00:25:37,090 --> 00:25:38,870
you're going to see those colleges, cause it's

683
00:25:38,870 --> 00:25:39,590
a big trip too.

684
00:25:39,710 --> 00:25:41,290
There's a lot of colleges to visit and

685
00:25:41,290 --> 00:25:42,570
they could be all over the place.

686
00:25:42,750 --> 00:25:44,470
So you gotta make the most of it

687
00:25:44,470 --> 00:25:46,710
and getting to know what other students are

688
00:25:46,710 --> 00:25:49,370
talking about and the faculty can definitely make

689
00:25:49,370 --> 00:25:51,310
a decision a little bit easier.

690
00:25:52,170 --> 00:25:54,030
So we've talked about, you know, the best

691
00:25:54,030 --> 00:25:56,610
way that we think to save for educational

692
00:25:56,610 --> 00:25:59,710
expenses for a child, the 529.

693
00:26:00,170 --> 00:26:01,470
And if we can help you with any

694
00:26:01,470 --> 00:26:03,970
of this, if you need help or suggestions

695
00:26:03,970 --> 00:26:07,430
or advice on the right vehicle, doing some

696
00:26:07,430 --> 00:26:09,770
financial projections on saving for college, we're happy

697
00:26:09,770 --> 00:26:10,190
to do that.

698
00:26:10,270 --> 00:26:11,130
We do it for our clients.

699
00:26:11,230 --> 00:26:12,650
If we can help you just give our

700
00:26:12,650 --> 00:26:16,850
office a call, 508-771-8900.

701
00:26:17,450 --> 00:26:20,110
So, you know, that's starting out saving for

702
00:26:20,110 --> 00:26:20,250
it.

703
00:26:20,330 --> 00:26:22,530
We talked a little bit about the process

704
00:26:22,530 --> 00:26:25,150
of choosing the right college and let's just

705
00:26:25,150 --> 00:26:26,590
spend a few minutes for us talking about

706
00:26:26,590 --> 00:26:27,630
how do you pay for it?

707
00:26:27,630 --> 00:26:32,010
So obviously we hope someone's got a robust

708
00:26:32,010 --> 00:26:33,610
529, right?

709
00:26:33,650 --> 00:26:35,310
And, you know, they save so much that

710
00:26:35,310 --> 00:26:35,990
they have too much.

711
00:26:36,090 --> 00:26:37,650
They're gonna open a Roth later, right?

712
00:26:37,790 --> 00:26:39,930
So that's not everybody, right?

713
00:26:40,970 --> 00:26:43,310
So I think most people who are in

714
00:26:43,310 --> 00:26:45,810
this process have heard of the FAFSA.

715
00:26:46,170 --> 00:26:49,590
That's an application, a federal application for student

716
00:26:49,590 --> 00:26:53,450
aid that everyone who's applying for colleges fills

717
00:26:53,450 --> 00:26:56,610
out and you get back a report depending

718
00:26:56,610 --> 00:27:00,370
on the family's income and so forth, some

719
00:27:00,370 --> 00:27:01,070
ratios.

720
00:27:02,770 --> 00:27:04,470
And it does matter if the parents have

721
00:27:04,470 --> 00:27:05,150
a 529.

722
00:27:05,450 --> 00:27:07,650
It doesn't matter if the grandparents have a

723
00:27:07,650 --> 00:27:09,870
529, but we'll put that aside for now.

724
00:27:09,990 --> 00:27:12,590
And they give you some federal aid.

725
00:27:12,730 --> 00:27:14,030
Some federal aid is available.

726
00:27:14,750 --> 00:27:17,470
Obviously the less income, the less wealth the

727
00:27:17,470 --> 00:27:19,170
family has, the more federal aid.

728
00:27:19,590 --> 00:27:21,270
And that's gonna be the starting point.

729
00:27:21,270 --> 00:27:23,450
It's not gonna pay for all of college,

730
00:27:23,510 --> 00:27:23,850
certainly.

731
00:27:25,570 --> 00:27:29,290
You know, maybe $5,000 might be the

732
00:27:29,290 --> 00:27:30,530
median number that people get.

733
00:27:30,710 --> 00:27:32,370
Some people get more, some people get less,

734
00:27:32,450 --> 00:27:33,870
but it's certainly not gonna pay for all

735
00:27:33,870 --> 00:27:34,610
of college.

736
00:27:35,510 --> 00:27:38,650
And then there's grants and gifts from the

737
00:27:38,650 --> 00:27:39,250
institutions.

738
00:27:39,750 --> 00:27:41,890
So this is all about, you know, kids

739
00:27:41,890 --> 00:27:42,490
hear it enough.

740
00:27:42,590 --> 00:27:43,730
Kids probably hear it too much.

741
00:27:43,790 --> 00:27:44,790
You gotta keep your grades up.

742
00:27:44,890 --> 00:27:45,790
You gotta keep your grades up.

743
00:27:45,850 --> 00:27:48,350
You gotta get into extracurricular activities for your

744
00:27:48,350 --> 00:27:49,270
college application.

745
00:27:49,270 --> 00:27:50,610
You gotta get recommendations.

746
00:27:51,330 --> 00:27:53,950
You know, building that college application to hopefully

747
00:27:53,950 --> 00:27:57,450
encourage the schools that you're applying to to

748
00:27:57,450 --> 00:27:59,890
give you some grants and gifts, right?

749
00:28:00,070 --> 00:28:02,910
So, but you really can't depend on that.

750
00:28:03,010 --> 00:28:04,810
Those are gonna be depending on where you're

751
00:28:04,810 --> 00:28:05,190
going.

752
00:28:06,290 --> 00:28:09,730
If you maybe fit into a certain category

753
00:28:09,730 --> 00:28:11,630
that they're looking for, you know, a certain

754
00:28:11,630 --> 00:28:14,930
major, different majors that they're encouraging students to

755
00:28:14,930 --> 00:28:17,350
apply for might have a different grant than

756
00:28:17,350 --> 00:28:19,870
if you're in another major.

757
00:28:20,310 --> 00:28:22,490
And then there's other types of scholarships like

758
00:28:22,490 --> 00:28:26,610
athletic scholarships and, you know, private scholarships.

759
00:28:27,430 --> 00:28:32,030
After that, it's really about two things that

760
00:28:32,030 --> 00:28:34,330
you kind of have to make decisions about.

761
00:28:34,470 --> 00:28:37,090
One is, can the family outside of the

762
00:28:37,090 --> 00:28:41,290
529 provide a gift to the student that

763
00:28:41,290 --> 00:28:43,730
can come from a parent or the grandparent

764
00:28:43,730 --> 00:28:46,210
or, you know, anyone who wants to do

765
00:28:46,210 --> 00:28:46,710
it, actually.

766
00:28:47,690 --> 00:28:49,970
And so that would be one way that

767
00:28:49,970 --> 00:28:52,310
you can fund some of the college.

768
00:28:52,550 --> 00:28:55,170
And then it comes down to loans, whether

769
00:28:55,170 --> 00:28:58,290
they're federal loans that are subsidized or unsubsidized

770
00:28:58,290 --> 00:29:00,030
or private loans or parent loans.

771
00:29:00,590 --> 00:29:02,230
And that's where I just wanna spend one

772
00:29:02,230 --> 00:29:05,690
part, a couple of minutes before we wrap

773
00:29:05,690 --> 00:29:07,270
this up for us is on the loan

774
00:29:07,270 --> 00:29:07,590
part.

775
00:29:08,370 --> 00:29:12,170
You really have to be thoughtful and diligent

776
00:29:12,170 --> 00:29:12,910
and get help.

777
00:29:13,670 --> 00:29:17,710
When you receive the grants back, you get

778
00:29:17,710 --> 00:29:20,130
a statement, you know, from each school saying

779
00:29:20,130 --> 00:29:22,250
how much they're going to give you as

780
00:29:22,250 --> 00:29:23,950
a financial aid letter.

781
00:29:24,650 --> 00:29:26,690
And in that, in the financial aid letter,

782
00:29:26,690 --> 00:29:29,130
which many people get confused about, Cozy Whitman

783
00:29:29,130 --> 00:29:30,570
talked about this when she was on the

784
00:29:30,570 --> 00:29:35,170
show, is whatever loans are available to you.

785
00:29:35,310 --> 00:29:38,210
And if you're not careful, they almost look

786
00:29:38,210 --> 00:29:40,130
like they're gifts.

787
00:29:40,650 --> 00:29:42,850
Because they're just on the form with everything

788
00:29:42,850 --> 00:29:43,290
else.

789
00:29:43,650 --> 00:29:45,370
You know, this is your Pell Grant, this

790
00:29:45,370 --> 00:29:50,170
is your athletic scholarship, this is your grant

791
00:29:50,170 --> 00:29:53,550
for studying biology or whatever the case might

792
00:29:53,550 --> 00:29:54,510
be at our university.

793
00:29:55,170 --> 00:29:58,810
And then there's lines about Stafford loans and

794
00:29:58,810 --> 00:29:59,270
all this.

795
00:29:59,730 --> 00:30:01,630
And at the bottom, they just, it nets

796
00:30:01,630 --> 00:30:03,150
out to a number like, okay, you need

797
00:30:03,150 --> 00:30:04,290
$10,000 more.

798
00:30:05,210 --> 00:30:08,490
But you've already in that financial aid letter

799
00:30:08,490 --> 00:30:12,050
are those lines which already include loans from

800
00:30:12,050 --> 00:30:13,690
the federal government that they're willing to give

801
00:30:13,690 --> 00:30:13,890
you.

802
00:30:14,510 --> 00:30:16,050
So just be thoughtful about it.

803
00:30:16,050 --> 00:30:18,030
And you know, if you need help reviewing

804
00:30:18,030 --> 00:30:21,150
the one, work with someone like Cozy Whitman

805
00:30:21,150 --> 00:30:23,430
or call your financial advisor and go through

806
00:30:23,430 --> 00:30:26,750
them to really parse out what parts are

807
00:30:26,750 --> 00:30:28,070
loans and what parts are gifts.

808
00:30:28,130 --> 00:30:29,930
And if it's a gift, meaning a grant,

809
00:30:30,430 --> 00:30:33,930
are they contingent on you, the student, keeping

810
00:30:33,930 --> 00:30:35,990
up a certain grade point average?

811
00:30:35,990 --> 00:30:40,010
Is it contingent upon maybe doing some athletic

812
00:30:40,010 --> 00:30:42,170
accomplishments, whatever the money came from?

813
00:30:42,510 --> 00:30:47,230
Just so you have a full picture of

814
00:30:47,230 --> 00:30:50,450
what the potential costs could be at that

815
00:30:50,450 --> 00:30:51,350
given university.

816
00:30:51,710 --> 00:30:53,210
And then you have to make the decision.

817
00:30:54,030 --> 00:30:55,710
Do you want to go to this school

818
00:30:55,710 --> 00:30:57,190
and do you want to take the loans

819
00:30:57,190 --> 00:30:58,690
or do you want to look somewhere else?

820
00:30:59,750 --> 00:31:02,430
Yeah, I think as you're illustrating, I think

821
00:31:02,430 --> 00:31:05,530
it is very complicated, especially if there's a

822
00:31:05,530 --> 00:31:07,290
lot of applications involved, a lot of schools

823
00:31:07,290 --> 00:31:09,810
that are accepting, they all have different grants,

824
00:31:09,930 --> 00:31:11,390
different scholarships, different terms.

825
00:31:11,870 --> 00:31:12,490
100% right.

826
00:31:12,790 --> 00:31:14,530
And so trying to navigate all that and

827
00:31:14,530 --> 00:31:16,630
then also deciding, well, which is the best

828
00:31:16,630 --> 00:31:17,390
option for me?

829
00:31:17,470 --> 00:31:18,270
It's a lot.

830
00:31:18,490 --> 00:31:21,870
So I think leaning on those professional resources,

831
00:31:22,370 --> 00:31:25,630
talking to your financial advisor is definitely helpful.

832
00:31:26,590 --> 00:31:29,350
Our team has seen these before and we

833
00:31:29,350 --> 00:31:31,030
can help navigate a little bit.

834
00:31:31,070 --> 00:31:33,030
If we need additional help, we can always

835
00:31:33,030 --> 00:31:36,970
loop in other folks to give some guidance.

836
00:31:37,490 --> 00:31:40,350
So definitely don't feel like you're in it

837
00:31:40,350 --> 00:31:40,670
alone.

838
00:31:41,630 --> 00:31:43,550
There's definitely a lot that could be helped.

839
00:31:44,130 --> 00:31:44,490
That's right.

840
00:31:44,610 --> 00:31:47,050
All those times and the processes are critical.

841
00:31:47,450 --> 00:31:49,250
So take your time with it.

842
00:31:49,330 --> 00:31:50,990
Get the advice as you said, Russ, and

843
00:31:50,990 --> 00:31:52,590
we're happy to be a resource for you.

844
00:31:53,250 --> 00:31:54,670
If you have a young child and you

845
00:31:54,670 --> 00:31:56,850
haven't started a 529, give us a call.

846
00:31:56,970 --> 00:31:59,470
If you have a 529 and you get

847
00:31:59,470 --> 00:32:01,730
a little leeway in your budget, maybe it's

848
00:32:01,730 --> 00:32:03,290
a good time to up your savings.

849
00:32:04,090 --> 00:32:06,710
And if you're a recent upcoming graduate or

850
00:32:06,710 --> 00:32:10,210
a recent graduate, congratulations and the world is

851
00:32:10,210 --> 00:32:10,830
at your feet.

852
00:32:11,730 --> 00:32:12,770
Well, good conversation, Russ.

853
00:32:12,810 --> 00:32:14,170
I hope we helped some people think about

854
00:32:14,170 --> 00:32:17,570
this complicated process as we wrap it up

855
00:32:17,570 --> 00:32:17,910
today.

856
00:32:18,030 --> 00:32:19,070
And thank you for listening.

857
00:32:19,730 --> 00:32:22,650
Until next time, keep striving for something more.

858
00:32:24,150 --> 00:32:25,910
Thank you for listening to Something More with

859
00:32:25,910 --> 00:32:26,630
Chris Boyd.

860
00:32:26,950 --> 00:32:29,090
Call us for help, whether it's for financial

861
00:32:29,090 --> 00:32:33,010
planning or portfolio management, insurance concerns, or those

862
00:32:33,010 --> 00:32:35,050
quality of life issues that make the money

863
00:32:35,050 --> 00:32:36,150
matters matter.

864
00:32:36,490 --> 00:32:39,770
Whatever's on your mind, visit us at somethingmorewithchrisboyd

865
00:32:39,770 --> 00:32:42,990
.com or call us toll free at 866

866
00:32:42,990 --> 00:32:45,930
-771-8901.

867
00:32:46,810 --> 00:32:50,530
Or send us your questions to amr-info

868
00:32:50,530 --> 00:32:52,470
at wealthenhancement.com.

869
00:32:52,850 --> 00:32:54,590
You're listening to Something More with Chris Boyd

870
00:32:54,590 --> 00:32:57,190
Financial Talk Show, Wealth Enhancement Advisory Services and

871
00:32:57,190 --> 00:32:59,350
Jay Christopher Boyd provide investment advice on an

872
00:32:59,350 --> 00:33:00,910
individual basis to clients only.

873
00:33:01,090 --> 00:33:03,050
Proper advice depends on a complete analysis of

874
00:33:03,050 --> 00:33:04,250
all facts and circumstances.

875
00:33:04,550 --> 00:33:06,330
The information given on this program is general

876
00:33:06,330 --> 00:33:08,370
financial comments and cannot be relied upon as

877
00:33:08,370 --> 00:33:09,930
pertaining to your specific situation.

878
00:33:10,150 --> 00:33:12,130
Wealth Enhancement Group cannot guarantee that using the

879
00:33:12,130 --> 00:33:14,130
information from this show will generate profits or

880
00:33:14,130 --> 00:33:15,230
ensure freedom from loss.

881
00:33:15,450 --> 00:33:17,610
Listeners should consult their own financial advisors or

882
00:33:17,610 --> 00:33:19,710
conduct their own due diligence before making any

883
00:33:19,710 --> 00:33:20,470
financial decisions.