Parents whose daughter or son is about to start college next semester have enough reasons to worry. A top education marketing company found out in a new study that college graduates of 2014 will have amassed the highest debts, on average, at $33,000 per head or at least twice the average amount 20 years ago, considering inflation. Parents whose children are in their junior or senior high school should, therefore, approach skilled college financial advisors, such as Studemont Group College Funding Solutions LLC, for advice on how to land a good school for their kids without incurring that much debt.
There are numerous savings plans geared towards college students, but they do not usually come into play until late in high school. Thirty states are already giving parents additional saving power by allowing them to reap their income tax deductions as contributions to their savings plans. Doherty notes, for example, a proposal by MA State Sen. Eileen Donoghue to program tax deductions of up to $5,000 for plan contributions.