How the Tax Cuts and Jobs Act Has Changed the 529 Plan

Posted by Patrick Noonan, CFP

March 27, 2018 at 10:00 AM

The Tax Cuts and Jobs Act has changed the 529 plan—helping to make these accounts more attractive when it comes to qualified expenses. The act also provides some much-needed rollover flexibility to 529 ABLE accounts. Here, I will discuss some of these changes and why you may want to reposition 529s as education rather than college savings accounts.

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Topics: Education Planning

How to Talk to Your Clients About Student Loan Debt

Posted by Olivia Zaiya, JD, CFP

September 13, 2017 at 1:30 PM

About 70 percent of students take out loans to fund their college education. The average class of 2016 graduate has $37,172 in student loan debt—that’s up 6 percent from last year. For millennial clients and cosigners alike, student loan debt is at the forefront of their minds. Luckily, there are planning solutions to help reduce the student loan debt for your clients.

Let’s take a look at the basics to help you talk to your clients about student loan debt.

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Topics: Education Planning

11 Financial Aid Myths Debunked

Posted by Patrick Noonan, CFP

September 12, 2017 at 10:00 AM

If you're like many of the advisors I work with, you spend a lot of time helping your clients develop and manage a plan to simultaneously save for college and retirement. But after years of planning and saving, how many of these clients incorrectly assume that they won't qualify for financial aid or assistance?

To help clients explore all of their options, you can start by debunking some common financial aid myths.

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Topics: Education Planning

How to Add 529 Accounts to Your Planning Process

Posted by Patrick Noonan, CFP

September 6, 2017 at 1:00 PM

Would you be surprised to learn that the average cost of one year at a private college is $45,370 (Trends in College Pricing 2016)? Or that student loan debt, which totals $1.3 trillion in the U.S. alone, is now the second-highest consumer debt category (behind mortgage debt)? And, perhaps most important, have you thought about what these numbers mean for many of your clients? The answer is simply this: college tuition is likely to be one of their most significant expenses—and creating a college savings strategy has never been so vital.

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Topics: Education Planning

School's in Session: How to Help Clients with Education Planning

Posted by Patrick Noonan, CFP

September 5, 2017 at 10:00 AM

With ever-rising tuition at both public and private universities, many of your clients likely spend a lot of time thinking—and worrying—about how they'll pay for their children's higher education. At the same time, these clients may also be struggling with meeting their own retirement savings goals. And that’s exactly where you come in. As the trusted advisor, you can help clients with education planning by laying out the facts when it comes to the true cost of college, plus strategies to keep their savings on track.

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Topics: Education Planning

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