Marygold & Co’s Post

529 plans are a great way to save for college. Most have high contribution limits and tax benefits. 529 Plans allow you to take out tax free withdrawals for College, K-12 Tuition, Apprenticeship Programs and even student loan repayments. If your wanting to help your kids go to college, the 529 plan can be key to helping them graduate with as little debt as possible.

“Yeah, we’re robbing our children to pay for our budget.” "So public universities were struggling for funding. And many responded by ramping up spending. Which might seem counterintuitive, until you realize you can charge tuition almost three times higher to out-of-state or international students than in-state ones. So colleges now compete to lure those students in, with expensive amenities from state-of-the-art student centers to rock climbing walls." The result of our decision not to compete on amenities, but to compete on educational outcomes, is a financially accessible and more effective education that prepares you for the workforce and the world. And because we're linking directly to apprenticeships and real-world jobs, a Polymath University degree will be debt-free. As John Oliver notes, the system is very broken. We're going to fix it. Watch his masterful take-down of the student loan system below. #polymath #highereducation #leadership #futureofwork #studentsuccess #talentdevelopment #apprenticeships #polymathuniversity HBO HBO Max #johnoliver

Yes, the price of college is out of control today. But more problematic for me, is the inherent complexity of the systems designed to help students and parents pay for it. There is a part in this John Oliver segment at about the 19:44 mark that hit home for me. A military officer explains how her loan servicing company deducted her monthly auto payments one cent below the actual payment amount, causing the system to reject nine years of her payments. I joined the Army about a year after 9/11, so patriotism and a call to action were impactful reasons for me to join, but I also had about $20k in college debt that was another big reason to enlist. As part of my enlistment contract, I was entitled to the Loan Repayment Program (LRP), which theoretically should have paid my entire loan off with the condition I fulfilled my enlistment contract. Well, I kept up my end of the bargain, but as I learned after finishing basic training, Airborne School, 75th Ranger selection, Ranger School, and three deployments, the DoD had never made a single payment to my loan servicing company. In fact, my loan had gone into collections without my knowledge. I had followed my recruiter's instructions to bring my loan paperwork to in-processing to start the process, but that did nothing. Yes, I know, never trust an Army Recruiter... At the end of my enlistment, while waiting for the first C-17 out of Ballad, I randomly met a fellow 2/75 Ranger from a different company who had also participated in the LRP. When I told him my story, he laughed and asked if I had contacted Dorothy in the DoD? He had the same issue as me (but with over $75k in outstanding loans) and after months of investigation, found the one person in the entire DoD actually handled the LRP for the Army. Apparently bringing my paperwork to in-processing meant nothing, only Dorothy could solve the problem. When I got home from Iraq, I promptly emailed Dorothy, and sure enough, she handled the problem in a few weeks. If I would have never randomly met that fellow Ranger in Ballad, I'd probably still be battling the DoD to get my loans repaid. It should not be that difficult. #highereducation #collegeloans #veteran #veteransupport

We’re back, and we know you missed us! UNCF’s monthly Community Webinar Series is returning, and this year, we’re on a mission to help you #DethronetheLoan! Starting this September, join us every second Tuesday of the month as we dive into all the ways UNCF can help you graduate with little or no student debt. From scholarships to internships, we’ve got the resources you need to make your college journey a success—without the burden of loans. Webinar Details:  🗓 When: 2nd Tuesday of every month (September 10 to April 8)  🕕 Time: 6:30 PM ET (5:30 PM CT/3:30 PM PT)  📍 Where: RSVP link in the image below. Whether you’re attending High School, an HBCU, a 4-year university, or even a 2-year college, these webinars are packed with information to help you maximize your opportunities. Share this with your friends, family, and anyone who’s ready to graduate debt-free. Let’s make sure everyone gets the chance to succeed without the stress of student loans. We can’t wait to see you there – let’s make this year the best one yet! 

The stats say it all! 😯 1.8 million people owe more that £50,000 in student loans. 😯 More than 61,000 have balances of over £100,000 😯 1 students saw his student debt - which stands at more than £128,200 - rise by £788.11 between 6 April and 6 June this year, due to an increase in interest rates. Another reason to consider the apprenticeship route maybe ... Don't get me wrong, I'm not blind to some of the issues apprenticeships face especially where supply and demand are concerned. But whilst starts for Level 2/3 are down, starts for Higher Apprenticeships are up (and those entering in at Level 2/3 will have the opportunity to progress). We need to change the narrative that University is the only way in which you can secure a good career, this is misinformation (I never went to University). Many people I know who have started an apprenticeship over my 15 years in the industry have progressed and developed further in their careers as a direct result of the industry training and qualifications they received, which make them far more employable as have the skills and knowledge that industry need and want, and are doing pretty well in their chosen careers today! University will always have it's place, that goes without saying, but lets level the playing fields when it comes to talking about the next step options and the reality of what that looks like ... https://lnkd.in/eWz2ZunE

College can be a great thing, but I think as a country, we have done a great disservice to our young people by telling them that the only way that they will be successful is to pursue a degree. We are burying these kids in debt before they ever get started in life. Not to mention that these loans are front loaded with interest which means they will pay for YEARS on these loans and not actually pay the debt down because they are only paying towards interest. Then when they graduate, many are finding that they can’t find jobs that make more money than people with a high school diploma. Registered Apprenticeship allows these same young people to train for a lifelong career and they are PAID to learn instead of paying an institution thousands of dollars with astronomical interest and still no guarantee of a job. There are alternatives to college. There are lucrative career paths without a degree. There is money and a future in Apprenticeship… and ZERO COLLEGE DEBT! https://lnkd.in/e8Us3DTG

A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and student loan repayments. If using a 529 plan to save for college, your savings will have a minimal impact on financial aid eligibility. Most families contact their bank or financial advisor to begin a 529 plan.

How about pushing for alternative education paths that can help students avoid accumulating six-figure debts before turning 21? Trades with apprenticeships offer opportunities where individuals get paid to learn valuable skills. Additionally, normalizing the choice of not pursuing college immediately after high school can empower young individuals to explore different career paths and discover their true passions. Let's consider diverse educational options to support students in making informed decisions about their futures. #Education #CareerPathways #StudentEmpowerment #financialfreedom

A 529 education savings plan offers more flexibility than you might think. Beyond covering college tuition, these plans can also be used for K-12 tuition, apprenticeship programs, and even repaying student loans. It’s a smart way to support educational goals throughout a lifetime, not just during college years. If you’re looking for ways to make the most of your 529 plan, whether for early education or beyond, we’re here to help guide you through the options. Educational needs evolve, and with a 529 plan, you can stay prepared for each stage. Want to learn more about how a 529 plan can fit into your financial strategy? Let’s connect! #529Plans #RothIRA #FinancialPlanning #EducationSavings #TaxFree

Currently £20billion (yes billion, not million) is loaned each year to students in England as student loans and the value of these outstanding loans at the end of March 2023 was an eyewatering £206billion! https://lnkd.in/ewT4cWfz These figures are staggering! Having to face huge debt in order to obtain a higher or degree qualification is a massive barrier for many, and prevents people at all stages of their careers considering upskilling or reskilling. Yes, I know you don't have to pay it back all at once, but what about considering a route that requires the student to pay nothing? An apprenticeship removes the financial burden for anyone considering a course from L2 up to degree. For me this seems a no-brainer. In a time where many companies are having to acknowledge that they are shortly going to lose a high number of staff to retirement etc, planning your pipeline or upskilling with apprenticeships is a quick win. For SME's the courses are automatically 95% funded by the government and larger organisations are already paying into the apprenticeship levy and either use it or lose it, sadly. If you'd like to talk about the options available as an apprentice or employer, please feel free to reach out to me and we can either pop a call in the diary or grab a coffee to talk it all through. Laura.may@blackpool.ac.uk. National Skills Academy for Nuclear (NSAN) North West Aerospace Alliance Make UK