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How Employing Your Child Can Qualify Them For In-State-Residency Tuition Savings (Online-Only Article)

By: Wesley “Wes” W. Lyon, CPA, CFP®

According to the College Board, the average college tuition cost (tuition and fees only) for the 2018-2019 school year totaled $26,290 for public four-year out-of-state schools, compared to only $10,230 for public four-year in-state schools, providing an average annual savings of over $16,000 if your child attends an in-state school. However, your child may choose an out-of-state option, leaving you to foot more of the bill. Use the strategies below to maximize the chances your child can be considered an in-state resident for at least a portion of their time at college, for huge savings. 

Meeting the Residency Requirements 

Residency requirements vary widely by state. As a first step, review the rules in the state your child is attending. Generally speaking, states want to...

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The McGill Advisory is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal or accounting advice or other expert assistance is required, the services of a competent professional should be sought.

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