Saving for College Without Going Broke
Too many Americans pay for college with money that could have gone to finance their retirement and to enjoy more of life’s luxuries. When you use the Bank On Yourself concept to finance a college education, you won’t wake up in the middle of the night in a cold sweat worrying if the money will be there when you need it.
Traditional College Savings Plans Fail to Live Up to Their Promises
A Setback for College Savings
As the saying goes, a mind is a terrible thing to waste. And as many parents are discovering in the wake of the 2008 crash, so are years of savings for their kids’ college. Sponsored by states and pushed by brokers, 529 plans were supposed to be the best way for parents to handle the rising cost of college tuition…
…At this point brokers, who account for about half the 529 plans sold, can offer only cold comfort.”
– SmartMoney.com, Feb 23, 2009, “A Setback for College Savings”
The most common methods used by families saving for college for their youngsters include traditional investment and savings accounts, UGMAs (Uniform Gift to Minors Accounts), UTMAs (Uniform Transfer to Minors Act), and 529 college savings plans.
Have you looked at the restrictions on those 529 college savings plans? If your child decides not to go to college, your money may be locked up until you’re nearly 60 years old… unless you decide to go back to college and use it yourself. You’ll pay hefty penalties for using it for anything besides college classes. With Bank On Yourself, your equity in your policy is available to you whenever you need it (typically within a few days), and for whatever purpose YOU want.
The UGMA and UTMA plans have the opposite problem. The money now belongs to the child. You have little control over what happens to it.
And using student loans saddles the graduate with debt that averages $20,000. That’s a tough way to start out in life.
Using the Bank On Yourself concept to finance a college education gives you flexibility and many advantages you don’t get with traditional methods of saving for college. You don’t have the risk of loss due to market fluctuations, and you could recapture the money you pay and use it to finance a comfortable retirement.
The bottom line is that Bank On Yourself is about knowing the money will be there when you need it.
A Bank On Yourself Authorized Advisor (a life insurance agent with advanced training on this concept) can show you the details and explain the nuances of using your plan for college expenses. Just fill out the simple Analysis Request Form today.
College Financial Aid Benefits of Bank On Yourself
Because your funds are sitting in the cash value account of a whole life insurance policy, they do not count against you in the calculations for financial aid. These funds are not reported as assets on the Free Application for Federal Student Aid (FAFSA). This means that your chances for scholarships and financial aid are greatly increased.
The Last-Minute College Funding Alternative
Because of the unique features of the Bank On Yourself concept, you may even be able to start funding a college account when your children are in their early teens and still have enough to help out. In addition, the money you take from your plan will be replaced as you pay yourself back, and you’ll be able to use those dollars for retirement, vacations or other financial needs and wants.
Have you received our FREE report detailing what Bank On Yourself is and how it works? Grab your free copy here!
Tom Snyder is someone who didn’t start a college fund early – not until his daughter Kelsie was fourteen. Still, he discovered Bank On Yourself just in time…
Kelsie is sixteen now. Two years out, when she’s entering college, there’s going to be about $35,000 or so in the Bank On Yourself policy. Basically I’ll be paying myself back instead of doing it through a conventional bank.
Colleges here are funded heavily by the state, so if she goes to a state college, it’s a good bargain. Even if she goes to our best state school, the tuition is only around $5,000 a year.
It may not be adequate if she’s going to a school that has a higher tuition, but it will certainly be more helpful than not having anything. And during the four years that she’s on campus, the fund will continue to grow.”
So even though Tom started late, his Bank On Yourself policy will still make college possible for his daughter.
Grandparents to the Rescue!
College funding doesn’t have to be a challenge just for parents and their college-bound children. In her book, author and Bank On Yourself founder, Pamela Yellen, describes her own strategy for paying for her two grandchildren’s college education:
We started policies designed to maximize the power of the Bank On Yourself concept for each, when Jake was six and Halle was three.
The plan we set up for Jake is projected to provide about $90,000 for his college education expenses by the time he graduates, based on the current dividends. And Halle’s plan is predicted to throw off about $125,000.”
Find an Authorized Advisor
Learn how to find a Bank On Yourself Authorized Advisor.
After you fill out your free Analysis Request Form, a Bank On Yourself Authorized Advisor (a life insurance agent with advanced training on this concept) will meet with you to fully explore your best options for college savings.
Other Benefits of Bank On Yourself:
- Create a Rock-Solid Retirement Plan
- Finance Business Equipment and Related Purchases
- A Source of Emergency Cash
- Reducing Debt and Increasing Savings
More than 400,000 people are enjoying these benefits today because they have rejected the conventional financial “wisdom” and are now in control of their financial well-being. Bank On Yourself was established in 2002 to educate Americans about this proven way to have a rock-solid financial plan, with no luck, skill or guesswork required.
Wondering where you’ll find the money to start to Bank On Yourself? There are at least eight ways to do this, so don’t rule yourself out for that reason.