Frequently Asked Questions
When should I start saving for my child's education?
Start saving for your child's education as early as possible. The cost of a college education can be significant, and saving early allows you to take advantage of compound interest over time. If your child is close to entering college and you haven't saved enough, a WFG independent agent can help you explore all available options, including scholarships, grants, and student loans.
How much should I save for education?
The cost of a college education is quite variable depending on the type of institution your child will attend and the number of years they’ll need to complete their degree. When an independent agent from World Financial Group helps estimate the cost, we’ll factor in inflation and reassess the plan regularly to accommodate your financial situation, and your child's educational plans.
Can education loans be a substitute for saving?
While education loans can provide a way to cover college expenses when you don’t have enough savings, they are not a one-to-one substitute. Relying solely on loans can lead to a significant debt burden after graduation and put a strain on your financial freedom after college. Furthermore, the interest on education loans can substantially increase the cost of your education overall.
How can I save for education while managing other financial goals?
Balancing education savings with other financial priorities like raising a child, retirement, and buying a home is a common concern. WFG’s independent agents know how to create a budget that considers your income, expenses, and long-term financial goals. With specific financial targets, it’s easier to plan out how you’ll allocate your spending from month to month.