Saving for college is an interesting phenomenon. Because the time crunch happens a lot sooner due to the fact that your kids, if born, are typically less than 18 years away from college – people feel the need to save in a 529 early. This may be despite having a ton of student loan debt or not saving enough for their own retirement. In this MMM episode, we answer the important questions you have about funding a 529 plan, including whether you should fund one at all!
What You’ll Learn:
In this week’s episode of Money Meets Medicine: 529 Plans for College Education you’re going to learn:
How to anticipate what you have to save with the rising costs of college
All of the things that can be covered with a 529 plan
If different options, such as loans or scholarships may be a better route for you
What to do if your child gets a full ride scholarship
How 529 plans vary from state to state
Resources from the Episode:
This Episode’s Sponsor
This episode’s sponsor is Earnest, a student loan refinancing company. If you refinance through the link provided on this podcast, you will receive a $500 cashback bonus for doing so, and you will also be supporting the Money Meets Medicine podcast when you do that. It is a win-win-win. You can find out more information by visiting earnest.com/moneymeetsmedicine.
Listener Question of the Week:
Today’s listener question comes from Cathy Carroll,
“Can you discuss the concept of marginal benefit? (i.e. lawn care, cleaning services, etc)”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email Jimmy@moneymeetsmedicine.com or firstname.lastname@example.org
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