#NNPA BlackPress

Worried About Saving For College? Here Are The Key Points To Consider

ORLANDO ADVOCATE — As students head back to college, millions of parents are hoping their younger children someday can do the same. With the high costs of college continuing to rise and many students and families saddled with heavy debt, saving for college has become as important as ever. Many people started savings plans early, while others either could not afford to or procrastinated. The bottom line, says financial professional Alexander Joyce, is learning all the options that fit with a family’s financial situation.

Published

5 years ago

October 19, 2019

Orlando Advocate

Photo by: twenty20.com

By Jeff Atwater

As students head back to college, millions of parents are hoping their younger children someday can do the same. With the high costs of college continuing to rise and many students and families saddled with heavy debt, saving for college has become as important as ever. Many people started savings plans early, while others either could not afford to or procrastinated. The bottom line, says financial professional Alexander Joyce, is learning all the options that fit with a family’s financial situation.

“It’s never too late, but most people wish they had started sooner, and many don’t know what investment option is best for their college funding needs,” says Joyce, president/CEO of ReJoyce Financial LLC and author of ReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want. “Be honest and realistic about the college part of your family financials, and from there you can decide on ways to get there in discussions with a planner.”

Joyce says the following points should be explored and evaluated before going forward with a college savings plan:

Your risk tolerance level. Before committing to a college savings plan, it’s important to determine how much you can afford to risk.

“Just like anything in life, the higher the risk, the higher the potential reward,” Joyce says. “If you start very early you likely can go higher risk somewhere down the road. At the same time, risk tolerance — and protecting your principal — is very important because college savings is a usually more conservative investment; it’s a targeted investment, meaning you need an amount of money by a specific date.”

The pros and cons of 529 plans. The 529 plan is an immensely popular college savings tool. Among the benefits are tax-deferred growth and tax-free withdrawals when savings are used for qualified education expenses. And as of 2019, individuals can contribute up to $15,000 per 529 plan, per child annually without triggering a gift tax. However, there are some disadvantages, such as limited investment options and a 10 percent tax penalty applied when money in the account is used for non-qualified education expenses.

“The 529 has traditionally been the way for many families because you hear about it the most,” Joyce says. “But if you’re getting a late start on college savings, this may not be the plan for you. You may have to play catch-up by contributing larger amounts, and you also have a shorter window for seeing your investments recover from market volatility.”

Non-traditional college savings plans. “One of the best things some people can do is look outside the box of traditional planning vehicles,” Joyce says. “There’s a big argument for adding an additional level of equities — some say you would be better off buying a mutual fund or exchange-traded fund (ETF) to fund college. For example, with some funds averaging 10-15% in the market the last 10 years, those who did exceptionally well took more market risk, exposing the principal to loss or gain. On the other hand, perhaps try a Roth IRA — it could double as a college savings account as well as a retirement account. There’s no 10 percent penalty when Roth IRA withdrawals are used for qualified higher education expenses, but ordinary income tax may apply to any earnings withdrawn before the age of 59½.”

“When drawing a conclusion on a plan of action, stick to it the best you can,” Joyce says. “Consistency wins the race.”

About Alexander Joyce Alexander Joyce is CEO and president of ReJoyce Financial LLC (www.ReJoyceFinancial.com), a full-service retirement income planning firm in Indianapolis, Ind. He hosts informational and educational seminars as well as the radio show Retirement Halftime Show. He can be seen monthly on Money Monday as well as Your Money on the IndyStyle program, broadcast by WISH-TV, myINDY-TV and WTHR in Indianapolis.

This article originally appeared in the Orlando Advocate.

Orlando Advocate

Posts by Orlando Advocate

Up Next

New visual book relives life and commerce along the Mississippi River

Don't Miss

Wanda Sykes to Host 28th Annual Bounce Trumpet Awards, Prestigious Event Celebrating African-American Achievement Moves to The Dolby Theatre in Hollywood

Orlando Advocate

Click to comment

#NNPA BlackPress

Fighting to Keep Blackness

BlackPressUSA NEWSWIRE — Trump supporters have introduced another bill to take down the bright yellow letters of Black Lives Matter Plaza in Washington, D.C., in exchange for the name Liberty Plaza. D.C.

Published

1 week ago

March 7, 2025

Oakland Post

By April Ryan

As this nation observes the 60th anniversary of Bloody Sunday in Selma, Alabama, the words of President Trump reverberate. “This country will be WOKE no longer”, an emboldened Trump offered during his speech to a joint session of Congress Tuesday night. Since then, Alabama Congresswoman Terri Sewell posted on the social media platform formerly known as Twitter this morning that “Elon Musk and his DOGE bros have ordered GSA to sell off the site of the historic Freedom Riders Museum in Montgomery.” Her post of little words went on to say, “This is outrageous and we will not let it stand! I am demanding an immediate reversal. Our civil rights history is not for sale!” DOGE trying to sell Freedom Rider Museum

Also, in the news today, the Associated Press is reporting they have a file of names and descriptions of more than 26,000 military images flagged for removal because of connections to women, minorities, culture, or DEI. In more attempts to downplay Blackness, a word that is interchanged with woke, Trump supporters have introduced another bill to take down the bright yellow letters of Black Lives Matter Plaza in Washington, D.C., in exchange for the name Liberty Plaza. D.C. Mayor Morial Bowser is allowing the name change to keep millions of federal dollars flowing there. Black Lives Matter Plaza was named in 2020 after a tense exchange between President Trump and George Floyd protesters in front of the White House. There are more reports about cuts to equity initiatives that impact HBCU students. Programs that recruited top HBCU students into the military and the pipeline for Department of Defense contracts have been canceled.

Meanwhile, Democrats are pushing back against this second-term Trump administration’s anti-DEI and Anti-woke message. In the wake of the 60th anniversary of Bloody Sunday in Selma, several Congressional Black Caucus leaders are reintroducing the Voting Rights Act. South Carolina Democratic Congressman James Clyburn and Alabama Congresswoman Terry Sewell are sponsoring H.R. 14, the John Lewis Voting Rights Advancement Act. Six decades ago, Lewis was hit with a billy club by police as he marched for the right to vote for African Americans. The right for Black people to vote became law with the 1965 Voting Rights Act that has since been gutted, leaving the nation to vote without the full protections of the Voting Rights Act. Reflecting on the late Congressman Lewis, March 1, 2020, a few months before his death, Lewis said, “We need more than ever in these times many more someones to make good trouble- to make their own dent in the wall of injustice.”

Oakland Post

Posts by Oakland Post

#NNPA BlackPress

Rep. Al Green is Censured by The U.S. House After Protesting Trump on Medicaid

BLACKPRESSUSA NEWSWIRE — His censure featured no hearing at the House Ethics Committee and his punishment was put on the floor for a vote by the Republican controlled House less than 72 hours after the infraction in question.

Published

1 week ago

March 6, 2025

Oakland Post

By Lauren Burke

In one of the quickest punishments of a member of the U.S. House of Representatives in the modern era, Congressman Al Green (D-TX) was censured by a 224-198 vote today in the House. His censure featured no hearing at the House Ethics Committee and his punishment was put on the floor for a vote by the Republican controlled House less than 72 hours after the infraction in question. Of the last three censures of members of the U.S. House, two have been members of the Congressional Black Caucus under GOP control. In 2023, Rep. Jamal Bowman was censured.

On the night of March 4, as President Trump delivered a Joint Address to Congress, Rep. Green interrupted him twice. Rep. Green shouted, “You don’t have a mandate to cut Medicare, and you need to raise the cap on social security,” to President Trump. In another rare event, Rep. Green was escorted off the House floor by security shortly after yelling at the President by order of GOP House Speaker Mike Johnson. Over the last four years, members of Congress have yelled at President Biden during the State of the Union. Georgia Republican Marjorie Taylor-Greene was joined by Republican Rep. Lauren Bobert (R-CO) in 2022 in yelling at President Biden. In 2023, Rep. Greene, Rep. Bob Good (R-VA), and Rep. Lisa McClain (R-MI) yelled at Biden, interrupting his speech. In 2024, wearing a red MAGA hat, a violation of the rules of the U.S. House, Greene interrupted Biden again. She was never censured for her behavior. Rep. Green voted “present” on his censure and was joined by freshman Democrat Congressman Shomari Figures of Alabama who also voted “present”.

All other members of the Congressional Black Caucus voted against censuring Green. Republicans hold a four-seat advantage in the U.S. House after the death of Texas Democrat and former Houston Mayor Sylvester Turner yesterday. Ten Democrats voted along with Republicans to censure Rep. Green, including Rep. Jim Himes of Connecticut, who is in the leadership as the senior Democrat on the House Intelligence Committee. “I respect them but, I would do it again,” and “it is a matter of conscience,” Rep. Green told Black Press USA’s April Ryan in an exclusive interview on March 5. After the vote, a group of Democrats sang “We Shall Overcome” in the well at the front of the House chamber. Several Republican members attempted to shout down the singing. House Speaker Mike Johnson gaveled the House out of session and into a recess. During the brief recess members moved back to their seats and out of the well of the House. Shortly after the vote to censor Rep. Green, Republican Congressman Andy Ogles of Tennessee quickly filed legislation to punish members who participated in the singing of “We Shall Overcome.” Earlier this year, Rep. Ogles filed legislation to allow President Donald Trump to serve a third term, which is currently unconstitutional. As the debate started, the stock market dove down over one-point hours from close. The jobs report will be made public tomorrow.

Oakland Post

Posts by Oakland Post

#NNPA BlackPress

Trump Moves to Dismantle Education Department

BLACKPRESSUSA NEWSWIRE — The department oversees programs under the Individuals with Disabilities Education Act (IDEA), serving 7.5 million students. Transferring IDEA oversight to another agency, as Trump’s plan suggests, could jeopardize services and protections for disabled students.

Published

1 week ago

March 6, 2025

Stacy M. Brown

By Stacy M. Brown
BlackPressUSA.com Senior National Correspondent
@StacyBrownMedia

The Trump administration is preparing to issue an executive order directing newly confirmed Education Secretary Linda McMahon to begin dismantling the Department of Education. While the president lacks the authority to unilaterally shut down the agency—requiring congressional approval—McMahon has been tasked with taking “all necessary steps” to reduce its role “to the maximum extent permitted by law.” The administration justifies the move by claiming the department has spent over $1 trillion since its 1979 founding without improving student achievement. However, data from The Nation’s Report Card shows math scores have improved significantly since the 1990s, though reading levels have remained stagnant. The pandemic further widened achievement gaps, leaving many students behind.

The Education Department provides about 10% of public-school funding, primarily targeting low-income students, rural districts, and children with disabilities. A recent Data for Progress poll found that 61% of voters oppose Trump’s efforts to abolish the agency, while just 34% support it. In Washington, D.C., where student proficiency rates remain low—22% in math and 34% in English—federal funding is crucial. Serenity Brooker, an elementary education major, warned that cutting the department would worsen conditions in underfunded schools.

“D.C. testing scores aren’t very high right now, so cutting the Department of Education isn’t going to help that at all,” she told Hilltop News. A report from the Education Trust found that low-income schools in D.C. receive $2,200 less per student than wealthier districts, leading to shortages in essential classroom materials. The department oversees programs under the Individuals with Disabilities Education Act (IDEA), serving 7.5 million students. Transferring IDEA oversight to another agency, as Trump’s plan suggests, could jeopardize services and protections for disabled students.

The Office for Civil Rights also plays a key role in enforcing laws that protect students from discrimination. Moving it to the Department of Justice, as proposed in Project 2025, would make it harder for families to file complaints, leaving vulnerable students with fewer protections. Federal student aid programs, including Pell Grants and loan repayment plans, could face disruption if the department is dismantled. Experts warn this could worsen the student debt crisis, pushing more borrowers into default. “With funding cuts, they don’t have the materials they need, like books or things to help with math,” Brooker said. “It makes learning less fun for them.”