Paying for college can be tough whether a student goes to a school in Kansas or outside of the state. It can be even harder to do after a divorce. In 2017-2018, the average cost for a year at a private school was $46,950. The cost to attend a public school for one year was $20,770 in 2017-2018, according to the College Board. However, it can be possible to provide a child with an education by planning for it in advance.
One way to accrue funds for a child’s college education is to invest in a 529 savings plan. The money grows in the account tax-free and is not taxed when it is taken out, assuming it goes to qualified educational expenses. Parents should define how the money will be used when a divorce occurs. This is because the owner of the account, as well as the beneficiary, can be changed.
Of course, a 529 plan is not the only option to help a child pay for college. Schools may offer scholarships that will help to pay for books, room and board or other costs. Grants and student loans may also be options for students who wish to get a college degree. Parents are encouraged to be realistic about their financial limitations when planning for a child’s future education expenses.
Helping teens pay for college could be considered a valid reason to order child support payments beyond children’s 18th birthday. However, parents are typically only mandated to provide what they can afford to give. Students and their parents may want to work together to create a higher education plan. This may make it possible to provide for the children while ending a conflict between parents in a civil manner.