College Cost Bracket
In the state of Indiana, basketball is a big deal! And for any basketball fan the men’s and women’s college tournaments in March are appointment viewing. In 2022 it was estimated that 36.5 million US adults filled out a bracket during the tournament. And good luck to the men and women wearing Indiana Hoosier or Purdue Boilermaker uniforms!!
Beyond the fact that we here at Baird have an office pool, just like most people, we tend to also focus every year on the reality that, for many of our clients, saving for college costs is a primary financial goal. There are very few things more gratifying for us as advisors than helping our clients achieve that higher education dream for children or grandchildren. Having said that, I’m sure it’s no secret to anyone reading this that COLLEGE IS EXPENSIVE. The biggest advantage an investor has is the amount of time over which invested funds compound and grow. So it’s important to start and fund as early as possible. Indiana residents using the Indiana College Choice 529 program may also benefit from a 20% state tax credit on amounts contributed.* So you’re not just helping your kids and grandkids – you can also help reduce your tax bill next spring!
So for fun and to emphasize the point, every year we put together a “College Cost Bracket” listing the projected four-year cost of tuition, room, board, books and fees at each of the schools in the men’s tournament. Click the link below to see this year’s bracket and those annoyingly large numbers next to each name. Then call us to explore whether your own college savings program is enough. We can’t guarantee that you will be able to afford the whole cost, but our whole team is here to help plan and make progress.
RB2023-0313
*Investors should consider the investment objectives, risks, charges and expenses associated with a 529 Plan before investing. This and other information is available in a Plan's official
statement. The official statement should be read carefully before investing. Depending on your state of residence, there may be an in-state plan that provides tax and other benefits such
as financial aid, scholarships and creditor protection that are not available through an out-of-state plan. Before investing in any state's 529 plan, you should consult your tax advisor.