Etini
Valued Contributor
One of the financial challenges plaguing most people of the world is debts from student loans taken to finance college education. That's where a financially responsible parent could have helped by having a College Savings Fund. What are the benefits of a College Savings Account and funds?
1) It helps with staying ahead if rising costs if tuition: When you have funds in a college savings account, you would feel very minimally the rising costs of college tuition due to the compound interest accumulated by that savings account.
2) Less needs for student loans to fund your child's college education: With a college savings funds, you would need very little or no loan interventions to fund your child's college education thereby ridding yourself and the child ot student loan repayments in the future.
3) It demonstrates to the child practically the usefulness of strategic financial planning in achieving financial goals.
1) It helps with staying ahead if rising costs if tuition: When you have funds in a college savings account, you would feel very minimally the rising costs of college tuition due to the compound interest accumulated by that savings account.
2) Less needs for student loans to fund your child's college education: With a college savings funds, you would need very little or no loan interventions to fund your child's college education thereby ridding yourself and the child ot student loan repayments in the future.
3) It demonstrates to the child practically the usefulness of strategic financial planning in achieving financial goals.
