A recent Sallie Mae study shows that on average, parents begin saving for college when their child is 7 years old. This makes sense: it’s right around when a child transitions from preschool or full-time daycare to full-time school, so for many families it’s the first time that they have any financial breathing room.
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Many families think there’s no point in doing the FAFSA because they assume they don’t have financial need. That reflects a fairly limited view of the FAFSA; in fact, there are plenty of good reasons why every family of a student who’s even potentially college-bound next year, regardless of the family’s financial position, should do it.
It’s time for my annual financial aid presentation at my kids’ high school. This year the topic is Five Questions for College-Bound Students, which your families might also want to discuss.
The follow-up question to the Oregon College Savings Plan tax change is: Am I better off with the 2020 tax benefit or the 2019 one? The answer, as is so often the case, is “it depends.”
Fellow Oregonians may have received an email today from the Oregon College Savings Plan about changes in the state tax benefit beginning in 2020. These changes create some opportunities for increased tax savings over the next several years.