Local expert says to save for college while children are young

With the cost of college continuing to climb, WYFF4 spoke with Mark Henry, a financial adviser and the founder and CEO of Alloy Wealth Management, headquartered in Greenville. Henry warned that kids who are in elementary school right now could end up paying nearly $200,000 to attend a state school, and half a million dollars to attend a private school. Henry said to think about saving while the children are young. He said to talk to a financial adviser about a 529 Plan, Education Savings Accounts and Whole-Life Insurance. He said some people don’t realize that this type of life insurance policy can be used to pay for college. “One of the biggest advantages it has is that it will not keep you from qualifying for financial aid,” Henry said.Henry said before you think about college savings, it’s important to remember to put a plan together for yourself. “We have to save for our own retirements first and think about this: While we want to help children go to college and help them pay for it, do we want to be a burden to our children later in life? And I think most parents would agree they don’t want to ever be a burden to their children,” Henry said. If you have a college-bound high schooler in your house, he said to not forget about scholarships. “The statistics are overwhelming about how many scholarships go unclaimed every year. Students wait until the very last minute to even start applying. You can start applying for scholarships very early. And you can become very aggressive about doing it. Even if it’s only $300, $500, it all adds up,” Henry said.

With the cost of college continuing to climb, WYFF4 spoke with Mark Henry, a financial adviser and the founder and CEO of Alloy Wealth Management, headquartered in Greenville.

Henry warned that kids who are in elementary school right now could end up paying nearly $200,000 to attend a state school, and half a million dollars to attend a private school.

Henry said to think about saving while the children are young. He said to talk to a financial adviser about a 529 Plan, Education Savings Accounts and Whole-Life Insurance. He said some people don’t realize that this type of life insurance policy can be used to pay for college.

“One of the biggest advantages it has is that it will not keep you from qualifying for financial aid,” Henry said.

Henry said before you think about college savings, it’s important to remember to put a plan together for yourself.

“We have to save for our own retirements first and think about this: While we want to help children go to college and help them pay for it, do we want to be a burden to our children later in life? And I think most parents would agree they don’t want to ever be a burden to their children,” Henry said.

If you have a college-bound high schooler in your house, he said to not forget about scholarships.

“The statistics are overwhelming about how many scholarships go unclaimed every year. Students wait until the very last minute to even start applying. You can start applying for scholarships very early. And you can become very aggressive about doing it. Even if it’s only $300, $500, it all adds up,” Henry said.