Shelby Shopper Shelby NC
Issue link: https://www.ifoldsflip.com/i/1500497
Thursday, June 1-June 7, 2023 www.shelbyinfo.com 704/484-1047 - shelby shopper & info - Page 3 Mon.-Fri. 11am-7pm Sat. 10am-5pm 704-600-6038 UPTOWN SHELBY 224 S. LAFAYETTE ST. NEXT TO SHELBY CAFE www.yippeekiyay224.com COME REGISTER TO WIN 2 FREE VIP TICKETS LAINEY LAINEY WILSON WILSON CONCERT to the GAFFNEY PEACH FESTIVAL Friday, July 14, 2023 DRAWING JULY 1 ST at the Summer Camp at... Rising fifth-grade students are invited to apply for For more information or to register, visit www.TheBankersHouse.org and click on the "Summer Camp Info" link in the top right corner! Monday-Thursday, June 26-29 OR July 10-13 9 a.m. to 3 p.m. ENROLLMENT IS LIMITED! Boys and Girls Club members are eligible to attend at no cost! For all others the fee is $50/week which includes lunch includes lunch and snacks. and snacks. Questions? Call Carolyn Jackson, Executive Director of e Banker's House, at (980) 404-0096. Enrolling in a trade school or college is widely considered the next step after a student graduates from high school. College is especially popular, as the U.S. Bureau of Labor Statis- tics reports that 62.7 percent of high school graduates went on to colleges and uni- versities in 2020. Finding ways to pay for higher education has long been a goal for students and their families. PrepScholar, a college testing preparation resource, calculates that, by 2033, students can expect to pay around $237,000 at in-state public universities and $464,000 at private col- leges or universities for four- year degrees. That high cost is why so many families take proactive steps to set aside funds for college soon after their children are born. No matter the situation, taking the steps to plan and save helps to make schooling more affordable. 529 college savings plan A 529 is a specialized savings account for college and university costs. Most plans can be opened by a U.S. citizen or resident alien age 18 and older. The indi- vidual opening the account can be a parent, grand- parent, cousin, or even a friend. The student is the beneficiary of the account. Four-year schools, com- munity colleges and voca- tional/trade schools accept 529 accounts as payment sources. The only require- ment is that the school must participate in the U.S. De- partment of Education stu- dent financial aid programs. Education savings account, or Education IRA The financial experts at Ramsey Solutions say an ESA works like a Roth IRA but it is designed spe- cifically for education ex- penses. Individuals can invest up to $2,000 (after tax) per year, per child. The account grows tax-free. The rate of growth varies based on investments in the ac- count. Ramsey estimates that at an average return rate of 12 percent on a $36,000 investment ($2,000 per year for 18 years) would grow to around $126,000 by the time the child starts col- lege. An ESA also can be used to pay for K-12 private school tuition, school sup- plies, tutoring, or textbooks. It also can be transferred to a sibling if the money is not needed for a particular student. UTMA/UGMA plan This plan is different from ESAs and 529s because it is not specifically designed for college savings. The Uniform Transfer/Gift to Minors Act is in the child's name but is controlled by a guardian until the child reaches age 18 or 21. This mutual fund account can be used to save for college with reduced taxes, or funds can be used for other expenses, such as a car or housing. Advanced placement classes AP classes allow high school students to take college-level courses that can be converted into col- lege credits. Each AP class reduces the need to pay for a class in college. This can add up to some significant savings. In addition, per- forming well in AP classes may make students more at- tractive to colleges and uni- versities, helping students to earn academic scholar- ships. Saving for college can start early and there are various vehicles for families to explore. Explore these college savings strategies Taking the steps to plan and save helps to make schooling more affordable. For the Lord himself shall descend from heaven with a shout, with the voice of the archangel, and with the trump of God: and the dead in Christ shall rise fi rst: Then we which are alive and remain shall be caught up together with them in the clouds, to meet the Lord in the air: and so shall we ever be with the Lord. 1 Thessalonians 4:16-17