How to fund college College Funding for Children of Divorce
Child support and who should pay for college expenses is an age old question. In a recent study that look at parent assistance for college expenses, 29% of divorced parents assisted with college costs verses 89% of intact families. Something else to consider when looking at this information is that individuals with college educations earn significantly more over their lives than those with high school diplomas.
The questions the courts and divorcing parents face is whether higher education costs should be included in the child support order. In more than 50 % of states and the District of Columbia, judges have the authority to award support for college costs beyond the age of majority. There are only a few states that prohibit the addition of college costs. In many states if there is a written agreement between the divorcing parents regarding college costs, the state will enforce even if the courts did not authorize such help.
When parents agree or wish to provide college funding, there are several paths to achieve that goal: College Savings 529 accounts, prepaid tuition plan, Coverdell Education Accounts and special savings accounts for college expenses. Instead of waiting until the child is 18 years of and preparing to graduate from high school, it is wise to start early and take advantage of plans that will offer tax benefits and the opportunity to plan ahead.
Education is a gift we can give from one generation to another. It helps us become better members of society and always one to contribute.
Support Collectors can help you collect your child support… these funds have funded many college educations since 1996.