On December 20, 2019, President Trump signed into law a government spending bill which included many provisions of the SECURE Act (short for Setting Every Community Up for Retirement Enhancement Act—quite a mouthful). As its extended name would imply, most of the provisions of the SECURE Act affect retirement accounts like IRAs and 401ks. One particular aspect of the new law that we thought may be of particular interest to Insider blog readers (all diligent college savers, I’m sure!) affects the use of 529 Plans.

More and more students are considering universities in other countries. Today we’re welcoming a representative from University College in Dublin to discuss studying in Ireland. We’ll also take you through tips for using your 529 or prepaid tuition plan to pay for college. Finally, in Office Hours we’re helping students get started on an activity list (otherwise known as a resume) for their college applications.

Divorce is never easy, and paying for college is no cake walk either. Combine these two situations and things can get very complicated very quickly. If you are experiencing a separation and/or a divorce, we thought it would be helpful to give you some tips on how you might approach this major financial decision, what the rules are in the financial aid process, and, finally, how your situation affects various aspects of college financing once your child enrolls in college. Given the complexity of the topic, this will be a two-part series. In Part One, we’ll discuss your first steps and the financial aid application process.

So let’s get started!

On the latest episode of Getting In: A College Coach Conversation, host Elizabeth Heaton continued our new series on summer opportunities for high school students. This installment was dedicated to opportunities for the high school writer. In addition, Beth invited guests to talk about the differences between 529 college savings and prepaid tuition plans, and to explore the admission process at Fordham University. Listen to the complete show on VoiceAmerica or wherever you get your podcasts.

Guest Post by Kathryn Flynn, Content Director, Savingforcollege.com 

For most families, college is one of the biggest expenses they will ever face. If prices continue to rise at the current pace, it will cost over $300,000 to attend a four-year private university in 18 years. One of the best ways to prepare is to start saving as early as possible in a 529 college savings plan. 529 plans are designed to help save for college by offering federal tax-free compounding, and in some cases, additional state tax breaks. 

Last week’s episode of Getting In: A College Coach Conversation was all about planning for what’s coming down the road. From saving for college to thinking about graduate school after college, Beth Heaton was back in the host chair to tackle it all.

Putting Together a Payment Strategy for College

After your child has deposited at the college of their choice, the pressure of meeting college costs all of a sudden becomes very real. That first college bill is usually sent out in July with a due date in August. What takes many parents by surprise is that the bills are sent directly to the student, either via snail mail or, much more commonly, via an electronic notification, either to the student’s new college email address, or to their student account portal, which typically requires the student to log in and retrieve their billing statement.

Our latest episode of Getting In: A College Coach Conversation was guest hosted once again by college consultant Ian Fisher. In this episode, Ian brought back two beloved segments—Inside the Admissions Office, a peek behind the closed doors of one institution’s admissions office, and Office Hours, a deep dive into listener questions on college finance and admissions.

In last week’s episode of Getting In: A College Coach Conversation, host Ian Fisher and his guests took a look behind the scenes of the admissions offices at College of the Holy Cross and Babson College, discussed what high school students can do in the summer months to bolster their college applications, and provided some advice on how to utilize your savings to pay for college.

According to Sallie Mae, college savings for the average family currently hovers just over $16,000, not quite enough to pay for one year of public college in most states.  As few families are able to save enough money to finance college in its entirety out of their college savings accounts, most parents are faced with the quandary of how to spend the limited college savings that they do have. If you have a 529 college investment account for your child—maybe enough to cover about one year of college—what is the most beneficial strategy for spending down those funds? Should you spend it all on the first year? Save it all for the last year? Divide it evenly across the four years of college? While there is no definitive answer to this question, here are the primary considerations parents should keep in mind: