With another school year winding down, it’s a good time to review your education savings goals again.  Maybe you want to start a college savings fund or better understand the costs of education.  Everyone has different goals for funding education and it varies widely among our clients.  Some parents want to fund their children’s education fully while others want their kids to have some “skin in the game.”  Whatever camp you fall into, you will still likely want to understand just how much college is going to cost.

At Hovis & Associates, we have planning tools to help us calculate what those projected costs may be.  We can tailor it to a specific college or give you a ballpark range depending on in-state vs. out-of-state school, public vs. private university.  Once we arrive at a cost estimate, we can help you create a savings plan to reach your educational savings goals.

Another change to education savings is the ability to fund elementary or secondary school expenses from 529 accounts.  Originally, these “college savings” accounts could only be used for higher education.  In 2018, changes in the tax law expanded the use of these accounts to include elementary and secondary education.

If you are interested in establishing an account to address your education savings goals or want to learn more about projected college costs, call Hovis & Associates to schedule a meeting.