Tag: <span>Options</span>

20 Jan

Education Funding Options
Posted in Education by anshbookstore on January 20, 2023 @ 6:25 am

As the cost of higher education continues to rise, many parents and young people struggle with how to cover the cost of college education. Costs of in state and private schools. What are your options when planning for education funding?

529 Plan- These types of plans allow you to contribute after tax dollars that grow tax free. Qualified withdrawals from the plan are not taxed when used for qualified education expenses. You can choose a savings plan that works similar to an IRA, which allows the student to attend a school of his/her choice. Or, you can choose a pre-paid plan that allows you to pre-pay part or all of the costs of an instate public college education.

Life Insurance – Some types of life insurance build cash value and also provide a death benefit. If funded properly, you can access the cash value at the time the child attends college. Keep in mind that accessing the cash value, could also affect the death benefit provided under the policy.

Student Loans- Student loans can be helpful but it is important to remember that students may have to divert funds in the future to repay loans. These are funds that could be used to be used to accomplish other financial goals. If borrowing becomes a necessity, parents could also take a home equity loan and deduct the loan interest at tax time.

Transferring Funds to Children- As of the 2017 tax year, parents and grandparents can gift up to $14,000 to each child without gift tax consequences.

Tax Credits- The American Opportunity Tax Credit and Lifetime Learning Credit are tax credits available to full time students. Household income guidelines do apply, so be sure to check the IRS website to see which option might work better for your family.

Education Savings Account- Parents, guardians, or other qualified individuals can contribute up to $2000 per year on behalf of eligible students under age 18. Withdrawals from the account are not taxable if used for qualified education expenses. All funds must be distributed within 30 days of the participant’s 30th birthday.

The cost of funding higher education can be daunting! It is important to consider many options when thinking about how to fund the cost. All of the above options are various mechanisms available to do so. It is also important to consider what types of grants might be available when selecting educational funding options.



Source by Sara Bruns

29 Oct

Earning A GED Diploma Qualifies You For College Education And Better Career Options
Posted in Education by anshbookstore on October 29, 2021 @ 8:04 pm

People who haven’t earned a high school diploma are often presented with limited opportunities. That is, they couldn’t get a better income-earning job, pass for a promotion or go to college. If you happen to be part of this statistics, you have an option to pull yourself out of the rut you are stuck in, and that is taking the GED test and acquiring a GED diploma.

While it’s true that a GED diploma isn’t as strong as a high school diploma, it’s better than having nothing at all. You may be a dropout who hasn’t and could not finish high school. Are you thinking about taking the GED test? That may be a good decision, especially as you mull over the benefits of passing the GED test. Here are 4 of them:

It presents an alternative to studying in a traditional school. In many cases, individuals find it difficult to finish highschool. Thus, they drop out and are not able to finish their secondary education. Not having a highschool diploma can have one stigmatized. He or she tends to be not accepted when applying for a decent job and cannot pursue further education, such as that in college. But you shouldn’t think that you’re hopeless if you’re in the same situation. You can make the decision to move on and make your life better by taking the GED test. Then can you obtain your GED diploma which is equivalent to a highschool diploma. With it, you can catch up and get ahead in life. The average age of GED test-takers is 26, according to a recent report of the GED Testing Service. Most of the people who take the GED test have been out of school for 10 years or so. These are the individuals who have strived to “complete” their high school education by taking the GED test.

You can avail of better employment opportunities. Employers often discourage high school drop outs from applying in their companies. They also want to make sure that their applicants possess reliable skills to contribute to their businesses. And so they require the latter to hold a high school diploma or an equivalent of it. The Bureau of Labor Statistics has indicated that a GED diploma can qualify you for a full-time employment than if you don’t have one. Unemployment rate for those without diplomas reach 12.7 percent while only 8.3 percent of those with diplomas are without jobs. A GED diploma may not be literally required to advance in a job, but the knowledge, skills learned and the hard work of a GED earner may qualify them for a promotion.

There are better opportunities to earn more. A GED diploma may not hold the same value as a high school diploma, but the U.S. Census signified that GED diploma holders earn $3,100 a month on the average- $700 higher than those who had some high school education and $1,000 more than workers who had elementary level of schooling. Getting the GED is an educational experience where you acquire more knowledge and learn hard work. You’ll likewise gain know-how pertaining to your skills. These could have you hired for a higher income job, or advance in the workplace by way of a promotion.

Advance in your education. “Barron’s GED: High School Equivalency Exam” has cited that a GED diploma is a major requirement when it comes to gaining admission to technical schools, colleges, as well as participating in career training programs. You may already be employed, but without a GED diploma, you aren’t likely to be able to avail of further trainings and certifications that are necessary for you to progress in your company.

Knowing these benefits of passing the GED can motivate you to take the test and get hold of your diploma. You can move on and get ahead in life even if you’re a high school dropout by making the choice to take that one crucial step. Your capability and aptitude signified by your GED diploma can help you change your life for the better.



Source by Winnie Custodio