Saving Money for College: Why Bank On Yourself May Be Your Best Choice

Is this you? …

Your child or grandchild will be attending college down the pike.

The looming cost has you in a near panic. You’ve heard about former students who are still being held prisoner by horrendous amounts of student debt … $100,000 or more … and they’re now so old they’re collecting Social Security.

It’s no surprise.

College Is Expensive … Bank On Yourself Can Help Pay for It

According to the Education Data Initiative, the average cost of tuition and fees as of November 2023 ranged from $9,678 for state residents at public colleges…to $27,091 for out-of-state residents attending public universities …to $38,768 for students at private colleges.

And that’s just for one year! Multiply that by four to see what your child could be stuck with.

That would be disastrous. You certainly don’t want that albatross hanging around the neck of your child or grandchild.

What should you do?

Do a Simple Comparison: Saving for College the Traditional Way vs. the Bank On Yourself Way

There are many different ways to pay for college. The most common are:

• 529 Plans
• UGMAs (gifts made under the Uniform Gifts to Minors Act)
• UTMAs (gifts made under the Uniform Transfers to Minors Act)
• Student Loans

And they all have problems!

Ask yourself these six questions about traditional college saving methods …

1. Do you get to control how the money is used? Not with UGMAs, UTMAs, and student loans.
2. Can you avoid having the money you’ve put away count against you when your student applies for financial aid? Not with 529 Plans, UGMAs and UTMAs.
3. Can you use the money for non-educational purposes? Nope. Not with any of those. Use it for approved educational purposes only or pay a huge penalty.
4. Can you use the money beyond college? Again, no.
5. Will your money grow to the amount you need, if you stop funding your plan if you die prematurely? Heck no. Of course not.
6. And the biggest problem of all: Is the growth of your money guaranteed? Hardly. Your money may grow, or it may shrink. You don’t have any guarantees, do you?

Is there an alternative college saving strategy that ticks all the boxes?

So, what do you do? Is there any college saving strategy that will …

• Grow your money safely and predictably – and not allow it to be swept away in the next market tsunami?
• Let you control how the money is used?
• NOT count against you when your student applies for financial aid?
• Let you use the money for non-educational purposes?
• Let you use the money beyond college?
• Self-complete, if you pass away?

Using the Bank On Yourself Concept for College Saving Is the Answer to a Parent’s Prayers

The answer to every one of those questions is yes. … And the strategy is Bank On Yourself.

With the Bank On Yourself strategy, you get written guarantees that have stood the test of time for over 160 years. Even before you sign up, you will know in advance the minimum amount you’ll have when your student starts college. (The amount could be much more.)

Your guarantees will be backed by the assets of some of America’s oldest, strongest, and most financially stable institutions – life insurance companies.

For your child, this is guaranteed money for college (or whatever you choose to use it for).

For you, it’s sleep insurance!

We’ve prepared a short animated video to lay it all out for you – everything you need to know about a sensible, guaranteed way to save for college – the Bank On Yourself way: