Balancing Academic Goals with Long-Term Financial Security
With more students graduating from college carrying thousands of dollars in student loan debt, funding an education can be one of the most impactful investments you can make. No matter how much time you have before the first tuition payment is due, we can help you plan for funding education in a way that makes the most sense for you and your family.
Education planning decisions often connect with other financial priorities such as retirement planning, investment strategy, and tax considerations. Considering these factors together can help families decide how education funding should fit within their financial priorities. The Rumage Drascic Group provides guidance to clients in Janesville and Rock County who are planning ahead for future education expenses. By evaluating timelines, funding options, and potential tax considerations, families and young professionals can approach tuition planning with greater clarity and confidence.
Is your student eligible for merit- or need based aid?
How much of the education do you want to pay for?
How long before your funds are needed?
How does this goal impact your other financial goals?
Creating a Plan
Determining the best plan based on your timeline
Identifying best-fit funding vehicles
Examining strategies that can maximize your gift while minimizing its impact on your taxes
Evaluating Your Plan's Performance
Reviewing the performance of your funding vehicle(s)
Benchmarking your progress against goal
Planning for Education Costs Within a Larger Financial Strategy
Helping a child or grandchild pursue higher education can be one of the most meaningful financial commitments a family makes. Tuition, housing, and related costs can add up quickly, which is why preparing ahead of time can make a significant difference. Education funding decisions may influence how families allocate savings, investments, and gifts over time. A thoughtful approach can help ensure that contributing toward education remains manageable while other priorities continue progressing.
Managing Education Savings Over Time
Education savings plans are typically created years before tuition payments begin. During that time, market performance, tuition trends, and family circumstances can change.
Periodic reviews may help families:
Evaluate whether current savings progress aligns with projected education costs
Review the performance of education funding accounts
Adjust contributions or strategy if circumstances change
Keeping the plan up to date helps ensure that preparation for education expenses remains aligned with the intended timeline.
Who Education Planning May Be Right For
Preparing for future tuition expenses becomes a priority for many households once children or grandchildren begin approaching college age.
This type of planning may be especially relevant for:
Parents beginning to set aside funds for future education expenses
Households balancing college savings with retirement contributions
Grandparents interested in contributing toward a child or grandchild’s education
Families seeking a structured strategy for managing future tuition costs
Clarifying how education funding fits within overall financial priorities can help families approach these decisions with greater confidence.
When a Second Perspective on Education Planning May Help
Some people choose to review their education funding strategy when circumstances change or when tuition payments begin drawing closer. This may happen when:
Education costs are approaching and families want to review their progress
Financial circumstances have changed since the original savings strategy was created
Multiple family members plan to contribute toward education funding
You want reassurance that your current approach remains appropriate
A second perspective can help highlight adjustments that may improve how education expenses are prepared for over time.
