Douglas Chapman Co-Founder And Partner of Wealth Management Group, LLC. Says Its Imperative to Develop a Strategy for Financing College Expenses With Your Children
Clark, NJ – May 11, 2016 – Douglas Chapman, co-founder and partner of Wealth Management Group, LLC., published a new article entitled, “Weighing the Costs: Your Children’s College Tuition & Your Finances.” In the article, he discusses the importance of collaborating with your children in order to develop a finance plan to pay for college costs.
Chapman says, “You may also be looking into loan options. Perhaps the most common option parents utilize is the federal PLUS (Parent Loan for Undergraduate Students) loan program. The big advantage of these types of loans is that they offer fixed interest rates that are usually much lower than personal loans. There are also a variety of flexible repayment options, as well. A word of caution concerning PLUS loans: If you choose to take this type of loan out, you, the parent, will ultimately be responsible for repaying it. If you are getting close to retiring, this sort of financial obligation could wreak havoc on your retirement funds.
In considering loan options, you may discuss the possibility that your child takes a federal loan out in his or her name, seeing as they have years of income earning potential in their future. In this instance, you could also help your child make repayments on the loan, if you choose, but you would not be ultimately responsible for the loan, should you be unable to pay at the risk of jeopardizing your retirement funds.”
Read the full article here. http://www.douglas-chapman.com/weighing-the-costs-your-childrens-college-tuition-your-finances/
Douglas Chapman is co-founder and partner of Wealth Management Group, where he specializes in the retirement and estate planning division. He’s been in the financial business for 20 years and has offered services to a wide range of clients from television actors and musicians to business owners and investment bankers. Chapman’s financial planning business is conducted through Securian Financial Services, Inc., a Registered Investment Advisor. Additionally, he is a licensed broker of life, accident, and health insurance in many states throughout the country. He holds series 6, 63 and 7 registrations and has been featured on CNBC Television to discuss estate tax, retirement, and investment strategies. Chapman’s financial commentary has also been featured in Bloomberg Information Radio, Smart Money Magazine, and Reader’s Digest. Chapman’s financial advice can also be heard on his two weekly radio shows: “Your Financial Future,” Saturday mornings at 8 on AM 1250 and “Your Financial Guys” Saturday mornings at 9 on AM 1410.
Securities and investment advisory services, including financial planning services, are offered through Securian Financial Services Inc., a broker/dealer. Member FINRA/SIPC. Wealth Management Group is separately owned and operated.
Financial advisors do not provide professional tax advice. For professional tax advice, please consult your accountant.
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