This month, the education community celebrates Financial Aid Awareness Month often by sharing information with students and families about access to federal, state, and institutional student aid. College and higher education costs can sometimes be steep costs to families. However, a college degree can be important in providing opportunities in young people’s careers, so it sometimes falls on the whole family to pay for the important cost of education.
Financial aid is a crucial piece of the college planning puzzle. For those who seek a college degree but face difficulties in paying for it, financial aid is their ticket to career success. It opens their options for what level and type of education they can receive, and in some cases, is a necessity for economic mobility.
Regardless, higher education will likely cost you something whether you receive financial aid or not. The good news is that there are savings plans available for you, just like your retirement or health savings accounts, that can help you save for a kid’s or grandkid’s college.
The 529 savings plan is a specific type of savings and investment account that is tax-advantaged for qualified education spending. It covers items such as tuition payments as well as other expenses associated with academic activities, such as the purchase of school supplies. But just like an IRA or 401(k), starting the saving process earlier is often advantageous.
The financial aid filing process happens when applying for college, but the college savings process happens much sooner. That’s why it’s crucial for families to include college and education planning in their financial plan, in addition to seeking advice and guidance on the financial aid administrative process from qualified education sources and professionals.
When it comes to education saving and spending, including a financial advisor in your family’s college planning process can help you optimize the college spending process so that you put yourself and your family in the best position to provide quality educational opportunities to your family while keeping your financial and retirement goals and needs intact. To get started with one of our financial advisors, contact us at (540) 720-5656.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.