College debt has unfortunately become a reality for many in the younger generation. A decreasing number of students are able to finish college without having to make payments for years afterwards. But what if I told you there is a way to plan ahead to significantly reduce or completely eliminate the after college repayment? Something we offer at Sgroi Financial is a 529 Plan which is an investment account that can be used for the sole purpose of education. The benefit of this plan is that your contributions will grow tax free as long as they’re used for educational purposes such as college or trade school. Depending on how many years and how much is contributed to the account, it could potentially grow to cover a large portion of your educational expenses. The other nice benefit to the 529 Plan is that it can be started by just about anyone. So whether you’re a parent, grandparent, aunt or uncle you can start one. Also there is the availability to transfer who the beneficiary is within the bloodline. So in case the beneficiary receives a scholarship or decides not to go to college, the funds can still be used by another family member. If you’re interested in learning more about college planning, set up a meeting with us today. Also you can listen to my interview on 106.5FM WYRK where I discuss this topic with Clay Moden. And watch our commercial on College Planning: You can catch our weekly Plan.Protect.Invest. segment live on WYRK 106.5FM at 7:20am every Wednesday. Each week we will have a Sgroi Financial planner on with Clay Moden and the WYRK morning show to discuss financial topics to educate and help their listeners. Since 1971, Sgroi Financial has proudly served Buffalo, NY and the Western New York community from our West Seneca location.