Suggest a Flowchart or Checklist
This could include 529 plan contribution rules, 529 plan distribution rules, tax credit, and student loan rules.
Looking specifically at the taxes and deductions and limitations on each.
Consolidation,forgiveness,strategies to pay down and pay off obligation
I remember how confusing this was. My child is now 15 and I moved forward with a 529. I think clarifying this for parents would be useful
"UTMA vs. UGMA vs. Coverdell ESA vs. 529 vs. etc... " (suggested by John on 2018-08-16), including upvotes (4) and comments (1), was merged into this suggestion.
"Managing student loan debt" (suggested by Linda on 2018-08-17), including upvotes (3) and comments (0), was merged into this suggestion.
Other funding sources: RothIRA, life insurance, gifted stock sales by student and their inclusion or non-inclusion in financial aid decision making.
Should I choose my state 529 plan vs out of state plan?
To refinance or not to refinance considerations. Also a decision tree for federal loan forgiveness.
I think you need to separate college funding (planning) from student loan payoffs/refinance choices. That's two very different planning stages. On the planning side, I'd like to see a sheet that guides the client between available funding options: aid based on need, aid based on merit, coverdell, 529, or other. Another interesting one (although perhaps too qualitative) might be 'how much do i invest into a 529'
Can you include a section on this that deals with the Secure Act rules regarding using 529 for student loans? Do you need to change the beneficiary? Which states will allow proceeds tax free and which won't, etc.
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