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5 college savings lessons inspired by 'This Is Us'
https://www.savingforcollege.com/articles/5-college-savings-lessons-inspired-by-this-is-us-1040

Posted: 2017-03-09

by Kathryn Flynn

Since it premiered in September, “This Is Us” has become the highest rated new TV series of the season, and shows no signs of slowing down. If you’re like most Americans between the ages of 18-49, you’ve been spending your Tuesday nights in a puddle of tears as you watch the Pearson family endure struggles and moments of happiness that all parents can relate to.

But aside from all the drama, there are also some helpful college savings lessons we can learn from the beloved family of triplets. Read on to see how parents like Jack and Rebecca can best prepare for their kids’ future.

via GIPHY

Get help from grandparents

Jack and Rebecca found out they were pregnant with triplets just days after they signed a lease on a two-bedroom tiny walkup apartment. Rebecca’s mother insisted that the family move in with her, but the young couple wasn’t interested. Jack went on to sell his car and was able to purchase a larger home.

But instead of refusing any help from her mother, Rebecca could have asked that she start a 529 college savings plan for her grandchildren. Yes, we understand Rebecca’s mother can be difficult, but 529 plans offer some pretty great benefits for grandparents.

via GIPHY

529 plans are flexible, perfect for an uncertain future

The Pearson’s discover that their adopted son Randall is gifted, and so they send him to a private school where he can be challenged. College is undoubtedly in Randall’s future, but should they open a 529 plan for him?

Absolutely! 529 plans can be used at any eligible post-secondary education institution, including public and private universities and even some international schools. If you have a specific private school in mind, it might also be worth saving some of your money in Private College 529, a prepaid tuition program.

via GIPHY

Over 30 states offer a tax benefits for 529 plan contributions

As residents of Pennsylvania, Jack and Rebecca can claim a tax deduction for 529 contributions of up to $28,000 per beneficiary, or $84,000 total for the three kids. What’s more, Pennsylvania is one of five states that offer taxpayers a deduction for contributions to any state’s plan. Jack and Rebecca can explore all of their options to find the 529 plan that offers low fees and strong investment performance. Find out if your state offers a 529 tax benefit.

via GIPHY

529 plans aren’t just for kids

Trying to make ends meet, Jack is forced to leave his comfortable construction job for a dreaded desk job. He wished he could somehow fulfill his dream of starting a construction business.

Adults who want to make a career change or simply further their education can also benefit from using a 529 plan. If Jack decided to pay for business school with a 529 plan he could still benefit from federal tax-free savings and collect his state tax deduction, and when he’s done with school he can change the plan’s beneficiary to one of his children.

via GIPHY

More kids in college = More financial aid

All three Pearson kids will attend college at the EXACT SAME TIME. According to the College Board, it would cost over $60,000 to send triplets to an in-state public university today. But most families wouldn’t end up paying that much. Here’s why:

The amount of financial aid you get is based on your Expected Family Contribution (EFC), or what you’re able to contribute out-of-pocket to pay for college. Let’s say your triplets will all be attending college this year and your EFC is $60,000. That means each child’s financial aid package would only be reduced by $20,000.

Since it premiered in September, “This Is Us” has become the highest rated new TV series of the season, and shows no signs of slowing down. If you’re like most Americans between the ages of 18-49, you’ve been spending your Tuesday nights in a puddle of tears as you watch the Pearson family endure struggles and moments of happiness that all parents can relate to.

But aside from all the drama, there are also some helpful college savings lessons we can learn from the beloved family of triplets. Read on to see how parents like Jack and Rebecca can best prepare for their kids’ future.

via GIPHY

Get help from grandparents

Jack and Rebecca found out they were pregnant with triplets just days after they signed a lease on a two-bedroom tiny walkup apartment. Rebecca’s mother insisted that the family move in with her, but the young couple wasn’t interested. Jack went on to sell his car and was able to purchase a larger home.

But instead of refusing any help from her mother, Rebecca could have asked that she start a 529 college savings plan for her grandchildren. Yes, we understand Rebecca’s mother can be difficult, but 529 plans offer some pretty great benefits for grandparents.

via GIPHY

529 plans are flexible, perfect for an uncertain future

The Pearson’s discover that their adopted son Randall is gifted, and so they send him to a private school where he can be challenged. College is undoubtedly in Randall’s future, but should they open a 529 plan for him?

Absolutely! 529 plans can be used at any eligible post-secondary education institution, including public and private universities and even some international schools. If you have a specific private school in mind, it might also be worth saving some of your money in Private College 529, a prepaid tuition program.

via GIPHY

Over 30 states offer a tax benefits for 529 plan contributions

As residents of Pennsylvania, Jack and Rebecca can claim a tax deduction for 529 contributions of up to $28,000 per beneficiary, or $84,000 total for the three kids. What’s more, Pennsylvania is one of five states that offer taxpayers a deduction for contributions to any state’s plan. Jack and Rebecca can explore all of their options to find the 529 plan that offers low fees and strong investment performance. Find out if your state offers a 529 tax benefit.

via GIPHY

529 plans aren’t just for kids

Trying to make ends meet, Jack is forced to leave his comfortable construction job for a dreaded desk job. He wished he could somehow fulfill his dream of starting a construction business.

Adults who want to make a career change or simply further their education can also benefit from using a 529 plan. If Jack decided to pay for business school with a 529 plan he could still benefit from federal tax-free savings and collect his state tax deduction, and when he’s done with school he can change the plan’s beneficiary to one of his children.

via GIPHY

More kids in college = More financial aid

All three Pearson kids will attend college at the EXACT SAME TIME. According to the College Board, it would cost over $60,000 to send triplets to an in-state public university today. But most families wouldn’t end up paying that much. Here’s why:

The amount of financial aid you get is based on your Expected Family Contribution (EFC), or what you’re able to contribute out-of-pocket to pay for college. Let’s say your triplets will all be attending college this year and your EFC is $60,000. That means each child’s financial aid package would only be reduced by $20,000.

 

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