How One Advisor Is Putting 3 Kids Through College For $800,000

When the general aura of giddiness subsided following the birth of his fourth child, Howard Krooks was hit with a sobering reality: he was going to be on the hook for around twelve years of college tuition. He figures he will have to spend at least $1 million on tuition and fees. In an effort to get ahead of these costs, Krooks started saving early. He has set up 529 college saving accounts in addition to pre-paid tuition plans in Florida, where he currently resides. The pre-paid tuition plans can be converted to a credit for any institution if a child decides not to attend a Florida school.

With large nuclear families, college expenses can be a weighty burden even with careful planning. Much of this burden typically falls to parents, but there are actions the prospective student can take as well. Many high schools offer courses that provide college credit. A year or two of these credits can shave a significant portion off of total costs. Community colleges are another means to cut costs as they provide reasonable alternatives to expensive four-year universities. Whatever the plan, it is important to start saving early and to examine all possible options for students in order to alleviate what can be a serious financial burden.

See Beth Pinsker, How One Advisor Is Putting 3 Kids Through College For $800,000, Financial Advisor, June 16, 2017.