Skip to Main Content

Town and Country Bank

Main Navigation

  • Careers
  • Contact
  • Search
  • Pay Loan
    • Make a Mortgage Payment
    • Make a Loan Payment
  • Login
    • Online Banking
        • Forgot Password
        • Sign Up
    • Home Loan
    • Make a Mortgage Payment
    • Trust & Investment Services
    • Make a Loan Payment
    • Credit Card
  • Menu
  • Home
  • Personal Banking
    • Personal Checking Accounts
    • Personal Savings Accounts
    • Loans
      • Auto Loans
      • Personal Loans
      • Home Equity
      • Land & Lot Loans
      • Bridge Loans
    • Make a Loan Payment
    • Personal Debit and Credit Cards
  • Business Banking
    • Business Lending
    • Business Accounts
    • Treasury Management
    • Business Debit and Credit Cards
    • Meet Our Business Bankers
    • SBA Paycheck Protection Program (PPP)
      • SBA Paycheck Protection Program (PPP) Loan Forgiveness
    • COVID-19 Relief Programs & Resources
  • Home Loans
    • Find the Perfect Home Loan
    • Meet our Mortgage Lenders
    • Apply for a Home Loan
    • Mortgage Calculators and Rates
    • Make a Mortgage Payment
    • Mortgage FAQs
  • Trust & Investments
    • Personal Financial Planning Services
    • Business Financial Planning Services
    • Meet our Trust & Investments Team
  • Customer Support
    • Online & Mobile Banking Services
    • Account Resources
      • Overdraft Protection
      • Reorder Checks
      • Financial Calculators
      • Switch to Us
      • Online Forms
      • Online Security
      • FAQs
    • Additional Services
  • Sprig The Word Blog
  • Our Team
  • About Us
    • Community Support Request
    • About Our Bank
    • Diversity, Equity, and Inclusion
    • Locations & Hours
    • Careers
      • Careers in Mortgage Lending
    • News
      • 2020 Financial Reports
      • 2019 Financial Reports
      • 2018 Financial Reports
      • 2017 Financial Reports
    • Contact Us

  • Sprig The Word Blog

Financial Planning for College: What You Need to Know

8/8/2019

SHARE

For many families, the costs of sending your child off to college can be daunting, but financing your children’s education doesn’t have to be so scary. There are a number of ways to afford a college education without taking out excessive loans, but the key is to start saving early. Laying out a financial plan including smart investments and savings will make the transition to college that much easier later on.

Investments

“529 Plans are a popular option for investments when saving for education,” says Jennifer Stice, Senior Vice President and Managing Director of Trust and Investment Services at Town and Country Bank. “Most states have a 529 plan, and they’re worth looking into because they’re tax deferred, which saves you more money.”

Another option is to set up allowable distributions for education expenses in your 401K plan, but do this with caution since this can increase the amount of taxes you owe the state and federal government.

Savings

Some banks offer special accounts meant for educational savings, but any savings account that gains interest is a good option. Opening this account while your child is young and regularly adding to it over the years ensures that the interest continuously builds over the course of their life. Adding even a small portion of your paycheck each month will help cushion the costs of college later on.

Quality Education without the Debt

Even with investments and a solid savings account, college can be expensive. Consider these tips on more ways to cut the costs of college:

  1. Look into attending a community college or trade school. Students can get a certificate or a two-year associate degree before joining the workforce, which is often required. Community college is also a great stepping stone to a four-year university, if a full bachelor degree is what your student wants.
  2. Living at home cuts out the cost of room and board completely, as well as a meal plan that many universities require students who live on-campus to pay for.
  3. Take college credits in high school! These credits are cheaper at this point and usually transfer to most universities. By taking these credits early, your student has the option of graduating early, which saves a lot of money.
  4. Some colleges offer a work-study program, where a student can earn school credit while working, ensuring they’re making a paycheck while still excelling at school.
  5. Scholarships are the most effective way to save money. Outside scholarships, given by organizations and private donors, are a good source of financial aid, but the majority of scholarships come from the university and the state and federal governments. Apply for scholarships early and do research on the donors to know what they’re looking for.

More Posts

View Current Offers
Open an account
Find a location

  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
  • Contact Us
  • Locations & Hours
  • Financial Calculators
  • Careers
  • Financial Privacy Disclosure
  • Financial Privacy Opt Out Form
  • Other Disclosures
  • Community Support Request
  • Routing Number: 071123262
  • FDIC Logo
  • Equal Housing Lender Logo

Copyright © 2020 Town and Country Bank All Rights Reserved. An Illinois State chartered banking organization. | Please note that Investments are not a deposit, not FDIC Insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.

Privacy Policy

Town and Country Bank is regulated by the Federal Reserve Bank of Chicago. For accolades or complaints, please contact us by sending a letter to: Customer Relations Office, 3601 Wabash Ave., Springfield, Illinois 62711. If there is no sensitive customer information, such as social security or account numbers, you can send feedback to the following email address: customerrelations@townandcountrybank.com

You Are Now Leaving

You are now leaving the Town and Country Bank/Peoples Prosperity Bank website. You are about to access a third party web site or service that is not owned or controlled by Town and Country Bank/Peoples Prosperity Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Town and Country Bank/Peoples Prosperity Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

Continue Cancel ×