Education Funding
The Education Funding module is meant to help a client understand the potential expenses of an education, as well as display how prepared they are for those expenses. Data is collected to estimate future education costs, such as when the education goal (or expense) begins, an annual cost and inflation rate, name of the school, and if the goal should be funded when it begins, or through the last payment. Assets can be entered with contributions that start and stop at any point, with its own return rate. The tool can then compare needs to resources and give the advisor and client and idea of what actions need to be taken to meet their goals.
Module Target User – Advisors, Clients
Completion Time – 10 to 20 Minutes
This module:
- Illustrates rising education costs and the issues involved in planning for education expenses
- Contains a database of more than 3,000 public and private colleges in the United States with current in-state and out-of-state tuition costs with and without room and board expenses
- Projects future education needs based on selected college costs
- Determines the portion of a client’s education goals that could be funded by current resources and the monthly saving amount needed to fund any shortfall