By Brad Bobb via Iris.xyz
Paying for college can easily be one of the biggest expenses that parents will incur during their lifetimes. Although it is likely to cost a significant amount of money, it isn’t much different from other major purchases that you will make in your lifetime; knowledge and preparation can help you save a significant amount of money.
Most people know that they should save and invest money to pay for future college costs, but not everyone starts saving as early as they should. It’s also rare for a family to have enough in a 529 plan to fund 100% of college. It’s not a good idea to have all of your college costs come from a 529 plan, due to penalties for taking money out of a 529 plan if you have too much in the 529. That being said, this discussion is about saving on the cost of college versus saving for college.
How to Save on the COST of College for the High-Income Earner
1. Financial Aid (Don’t Assume You Won’t Qualify)
The first thing you want to do it determine if you will qualify for financial aid. There is a lot of misconception regarding financial aid, just because you have a good job and an income of $100,000 or better doesn’t mean you won’t qualify for aid. It’s possible to receive financial aid with an annual income of $200,000 or even $250,000.
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