Whether your children are younger or are nearing college enrollment, your decision to divorce your spouse in Pennsylvania could significantly impact your financial plan for helping your child pay for his or her education. The sooner you begin establishing an alternative plan for funding your child’s college experience, the more effective you may be at lessening the impact of your divorce on his or her future.
Because college is expensive, it will take time for you to save adequate funds for your child. One thing that you can do is to encourage your child to pursue scholarships, grants and other forms of financial aid that can help reduce the amount you are required to pay. Helping support your child and encouraging him or her to maintain good grades and positive relationships with educational instructors may also help to establish credibility and crucial networking relationships later on.
According to CNBC, one thing you may consider is a 529 plan. This particular program is designed to optimize the money you are putting toward your child’s college education by accumulating additional funds that are not taxed. No penalties will be given when you choose to withdraw the savings so long as the money you are withdrawing is put toward legitimate expenses related to your child’s college education. Maintaining a realistic perspective of your situation and asking for professional help are other ways that you may be able to re-establish some degree of college savings despite your choice to divorce.
The information in this article is intended for educational purposes only and should not be taken as legal advice.