Rethink Holiday Cash Gifts Earmarked for Education
poniedziałek, grudzień 15th, 2008LITTLETON, Colo., Dec. 15 (SEND2PRESS NEWSWIRE) — Many people are worried about skyrocketing college costs. As a result, parents of high school seniors often suggest that grandparents make donations to junior’s college fund in lieu of holiday gifts. Reduce My College Costs, LLC warns that this is not a wise solution.
While many older generations want to help the younger set with the financial burden of education, their generosity may devastate their family’s finances.
“What most parents - and even their financial planners - don’t realize is that the timing of financial gifts is critical in determining how much their family pays for college,” Marc R. Hill, CCPS, RFC(R), CCFC, CAFC, founder of Littleton, Colo.-based Reduce My College Costs, LLC, says. “Do it incorrectly, and not only will the child lose scholarships and other forms of gifted aid, but the family will also be expected to contribute more, financially, toward the child’s [...]
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