A CPA in Tampa Reveals Hidden Costs to Consider When Budgeting for College

Tampa CPAIf you have already set up a 529 savings plan to help pay for your kids’ college, you are way ahead of the game. Every state has some form of a pre-paid college savings program, and many allow parents to lock in tuition rates at the time they enroll in the plan. Because college tuition inexorably increases over the years, a pre-paid tuition program not only is smart – it’s virtually essential for most families who might otherwise struggle to pay exorbitant rates for a decent education. However, it is extremely important to be aware that many pre-paid programs cover tuition only, and the hidden costs of a college education should not be overlooked.

A CPA in Tampa from Reliance Consulting, LLC, can help you integrate your college savings plan into your overall financial strategy. That includes making sure that you and your family are able to meet the additional obligations for college, beyond the basic tuition costs. These potential costs can include:

  • Housing
  • Miscellaneous fees
  • Textbooks
  • Transportation and parking
  • Food
  • School supplies

Certainly, you could always cross your fingers and hope that your child excels enough academically or in athletics that a scholarship will be forthcoming. That might be an optimistic way of approaching college savings, but it’s not something you can rely on with 100 percent certainty. Instead, contact Reliance Consulting to map out a plan that will give you and your family peace of mind when the time comes to pay for college. Since opening our doors in 1984, we have helped thousands of individuals in the Tampa Bay area protect their assets and plan for the future.

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