Edvest sat down with Mr. and Mrs. Keith Cooper of Racine, WI on December 3, 2013 to discuss their experiences with planning for the cost of college.
Reducing the amount of loans their children would need to take on was the motivation behind Mr. and Mrs. Keith Cooper’s decision to open Edvest college savings accounts for their children.
“Given the cost of college today, the debt levels they could come out with are staggering,” Keith says.
At the time, their children were 7, 12 and 14. He and his wife chose Edvest over other savings and investment options because it offered tax benefits for Wisconsin residents. A family inheritance helped get the funds started and, from there, they set up monthly automatic withdrawals of a modest amount.
“Once we got started, it was easier to ramp up the monthly amount within a year or so,” Keith says.
The Coopers found ways to add additional payments throughout the year, including tax refunds and gifts from family members for birthdays and holidays. Along with the ability to transfer funds between beneficiaries, the Coopers found the Edvest plan to be very flexible.
Today, the benefit of saving over the long haul with Edvest has paid off for the Coopers. They were able to put their oldest son through UW-Madison for industrial engineering. They also have a younger son who is a junior at UW-Parkside pursuing a degree in biology and a daughter who is a high school sophomore currently researching colleges.
For families who are thinking about starting to save for college, Keith feels that they shouldn’t wait.
“Starting early is critically important.”
To learn more about the Edvest college savings plan or to research college costs visit us at Edvest.com.
This material is for informational purposes only and should not be regarded as a recommendation or any offer to buy or sell any product or service to which this information may relate. The experiences related therein reflect a specific experience and vary based on timeframes, contribution amounts and frequency, amount of education expenses, and additional factors.