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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