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College or Not… And, how to pay for it

College or Not… And, how to pay for it.

 By JW Rayhons

Who was the first in your family to go to college? Think about this…

Was it the degree that changed their life? Or, was it what they did with the degree (and the opportunities it opened) that changed their life… and maybe your’s too!


My grandpa was the first in my family that I’m aware of that went to college. Growing up in a farm family that just two generations before his migrated to Iowa from Bohemia, meant he was expected to farm and school was not the highest priority. He decided to go to Iowa State University anyway. After studying agriculture, he returned to farming and built a legacy for our family that still exists today. It’s a legacy that continues through each of us in the Rayhons lineage.

The truth about student loan debt 

According to the annual report* published October of 2020 from The Institute of College Access & Success, nearly 25% of college graduates have difficulty repaying the debt accumulated for college. If we connect the dots to a report published by The Federal Reserve Bank of San Fransisco * highlighting the links between “debt stress” and feelings of loss of control, anxiety, and other mental & emotional distress. If prolonged, this can cycle into workplace absenteeism, diminished workplace performance, and depression. BUT… there’s a better way! With a little bit of preparation, saving for college is doable and can be a family affair.

* PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

Set your family up for the highest probability of success:

  • Make it a family effort — Once a 529 college savings plan is set up, anyone can make contributions into it.
  • Let them work for it — Encourage kids to get involved in paying for their education. Part-time jobs, applying for scholarships, and even having them put part of their birthday money when they are young into the 529 plan can give them a sense of responsibility to make the most of their educational opportunities.
  • Pick passion over money —Statistically most people will earn more that $3,000,000 over their working career. And, they will spend approximately 100,000 hours working! Do you want your kids to pick a job just for the money? Or, do you want them to do something they love (and make some money at it too)? By the way, people that love what they do tend to end up being very successful at it.

Before investing in a 529, investors should consider whether the investor's or beneficiary's home state offers any state tax or other benefits available only from that state's 529 plan. You should consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing.  This information is found in the issuer's official statement and should be read carefully before investing.


Celebrate national 529 day on May 29th and start a college savings plan for someone you love!


There’s more to life than money! The Rayhons Financial family is a team of professionals that want to help you. Connect with us for a conversation call us at (480) 507-2425 or contact us online. We’d love to meet you.      

The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.