24/7 Emergency Services O tob Kit hen.com 860-533-0588
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
309 Green Rd. Manchester, CT 06042 INSIDE Our Sacred Devotion page 1
page 2
Have You Met Alison Caruso?
page 3
No Age Limit on Generosity
page 3
Word Search
page 4
3 Strategies for Helping Grandkids Pay for College
College expenses aren’t what they used to be. What used to be affordable to any student with a part-time summer job now can take years to pay off. If your grandkids want to go to college, the cost of education should not be a barrier to their future. Luckily there are ways that you can help ease that financial burden. Invest in a 529 Savings Plan. There are no limits on age, income or monetary contributions attached to this college savings account and contributions are tax-deductible in some states. Just like a Roth IRA, the earnings grow over time and can be used tax-free for qualifying expenses, like tuition and room and board. There are a few downsides, however. Funds from a grandparent’s 529 savings plan are considered student income and could hurt your student’s eligibility for financial aid. If you choose to fund through a parent’s 529 plan, which doesn’t count as student income, you lose control over the funds you contribute. Pay their tuition. Not everybody has $20,000 just lying around, but if you do, using it to pay for your grandchild’s tuition isn’t a bad way to spend it. Normally, annual financial gifts that are exempt from the federal gift tax can’t DON’T LET MONEY GET IN THE WAY Of Your Grandchild’s Education
exceed $15,000, but payments toward someone’s tuition, for any amount, are not taxed. Keep in mind, however, that the money can only go toward tuition, not toward other college expenses like room and board or textbooks. Help them find opportunities to save. Even if you don’t have thousands of dollars to give, you can still help your grandkids look for other opportunities to save. There are thousands of available scholarships, grants and programs to help students pay for college and helping them look online and in your community can go a long way. College could be your grandchild’s first stop on the path to achieving their dreams. You can be a part of that journey by making sure money doesn’t get in the way of that.
4 OctoberKitchen.com
Published by The Newsletter Pro • www.NewsletterPro.com
Made with FlippingBook - Online magazine maker