Alternative Education Options: Beyond Traditional Paths to Success

College is the start of a new and rewarding life chapter. For many children, getting into their dream school is a top priority. But the waiting period for an acceptance letter can be daunting. Through this informative blog, we will discuss some alternative education options.

Many parents and children worry whether the dream school will become a reality. While waiting for an acceptance decision is not ideal, it's the perfect time to explore the many viable alternative college paths that lead to a successful future. To help you and your child prepare, we're looking at additional educational paths to explore.

Choosing Between Public and Private Universities

We would like to thoroughly suggest choosing between public and private universities. Public and private universities offer an excellent academic path for students. Here is an overview of what each type of university provides:

Public Universities

A public university is a type of university owned by the state or receives a large amount of funding from the government. In a public university, the state defines the curriculum, resulting in a more standardized system.

Benefits

There are several benefits of attending a public university. For starters, these universities generally have lower tuition compared to private ones. Additionally, if your child attends a public university in the same state, they may be eligible for in-state tuition.

Another benefit of attending a public university is that these schools tend to be larger than private universities. This means that students will have access to more classes. A public university also has a broader selection of programs and majors, making finding an area of interest easier.

Private Universities

A private university is an institution not owned, operated, or funded by the government. To ensure the continued operation of a private university, it receives funding from tuition, donations, and endowments.

Benefits

Attending a private university offers many benefits. To begin with, students have access to more specialized programs. A private university may bridge the gap if your child has a unique interest.

Another benefit of a private university is the flexibility surrounding the curriculum. Since the government doesn't regulate private universities, there is more freedom to make decisions about curriculum, admissions, and academic offerings.

Students will also find that private universities have a strong alumni network, which is beneficial in career paths that require networking.

Alternative Education Options

Receiving education isn't a one-size-fits-all situation. There are many alternative education options for students to gain the knowledge they need to succeed. Here are some common paths to consider:

• Online programs: Attending classes online allows students to create their learning schedules and environments, is more affordable, and allows students to learn comfortably.
• Trade school: If traditional schooling isn't the goal, attending trade school allows students to gain specialized skills and hands-on experience in a particular field.
• Gap years: Some students wait a year before attending a college or university. This allows students an opportunity to explore career interests and create space for personal growth.

Funding Education With Financing Options

Knowing how to fund education is essential when planning. Luckily, many financing options are available to ensure your child receives the education they need. Some financing options include:

Federal Financial Aid and FAFSA

By completing the FAFSA application, your child will open the door to many financing opportunities, such as:

• Pell Grants: Need-based grants that don't require repayment.
• Federal Direct Loans: These loans offer lower interest rates and flexible repayment options.
• Work-Study Programs: These programs provide part-time jobs for students, which helps cover education-related expenses.

Institutional Scholarship and Grants

• Merit-Based Scholarships: Awards based on GPA, test scores, and leadership roles.
• Departmental Scholarships: Program-specific scholarships for fields like STEM or the arts.
• Transfer Scholarships: For community college students, many universities offer financial aid to encourage transfer student

Parent PLUS Loans and Private Loans

There are a few options for families needing additional funds. Parent PLUS loans and private student loans may fill financial gaps. However, these loans typically have higher interest rates and should be used after exploring federal aid options.

Choosing the Best Alternative Education Options

We hope you learned a lot about some of the best alternative education options. Not getting into a top-choice school can feel disappointing, but it's not the end. There are many educational opportunities available for your child to succeed. An alternative path offers unique benefits that can align with academic and financial goals. Remember, success isn't tied to a single institution but to the student's dedication, resilience, and openness to new paths.

At CrossleyShear, we make sending your child to college easier through comprehensive wealth management services. A new life chapter doesn't need to be overwhelming. We're here to help you navigate financially. Contact us today to learn more.

Social Security increases benefits by 2.5% for 2025

The 2025 Social Security cost-of-living adjustment (COLA) has been announced.

The Social Security Administration has announced a cost-of-living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income benefits. Nearly 68 million Americans will see the 2.5% increase in their payments beginning in January 2025.

The 2.5% increase aims to help beneficiaries keep up with inflation. Although lower than the 3.2% COLA for 2024 and significantly less than the 8.7% increase in 2023 and 5.9% in 2022, it still provides a welcome boost to recipients’ monthly payments. The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures the average change in prices over time that consumers pay for a basket of goods and services. The COLA is designed to ensure that the purchasing power of Social Security and SSI benefits is not eroded by inflation.

According to the Social Security Administration, on average, retired workers currently collect $1,927 per month in Social Security payments, or roughly $23,124 per year. The 2.5% COLA will add about $49 per month to those payments or $588 for the year.

Keep in mind all federal benefits must be direct deposited. So if you haven’t already started receiving benefits, you need to establish electronic transfers to your bank or financial institution. Connect with your advisor to better understand how this COLA adjustment may impact your overall financial plan.

Source: Social Security Administration

The consumer price index for urban wage earners and clerical workers is a monthly measure of the average change over time in the prices paid by urban wage earners and clerical workers for a market basket of consumer goods and services.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Make your final tax-saving moves before Dec. 31

Proactive investors know that the months before year-end can be an ideal time to make strategic adjustments.

While keeping in mind your long-term investment goals, meet with your advisor and coordinate with your tax professional to examine nuances and changes that could impact your typical year-end planning.

Mind your RMDs
Be thoughtful about required minimum distributions (RMDs) to ensure that you comply with the rules – especially as some of those rules have shifted throughout the pandemic.

Investors who reach a certain age are required to take RMDs from their IRAs. You’ll face a hefty 25% tax penalty on amounts not withdrawn from your IRA to meet the RMD, so be sure to speak with your advisor to ensure you’ve met your obligations.

Note: If the RMD is timely corrected within two years, the excise tax rate could drop to 10%. A few reminders for future distribution planning:

• RMDs can be automated with your advisor to help ensure you don’t miss applicable deadlines.
• Your first RMD can be delayed until April 1 of the year after you reach 70 1/2, 72 or 73 (depending on your year of birth). If you delay, however, you must also take your second RMD in the same tax year. This can inflate your income, which may affect your tax bracket. Check with your advisor to determine what is applicable and best for you.
• Subsequent RMDs must be taken no later than December 31 of each calendar year.
• Qualified charitable distributions allow traditional IRA owners who are 70 1/2 and older to gift up to $105,000 from their IRA to a qualified charity.This is a non-taxable distribution from their IRA and can be used to satisfy an RMD.
• Be mindful of how taking a distribution will impact your taxable income or tax bracket. If you are in a low tax bracket, discuss with your financial advisor and tax professional about taking an additional strategic distribution at that lower rate.

To harvest or not to harvest
Evaluate whether you could benefit from tax-loss harvesting – selling a losing investment to offset gains. If your capital losses exceed your capital gains, your excess losses up to $3,000 (single or married filing jointly) can be used to offset ordinary income. Any additional losses can be carried forward to future years. With your advisor, examine the following subtleties when aiming to decrease your tax bill:

• Short-term gains are taxed at a higher marginal rate; aim to reduce those first.
• Don’t disrupt your long-term investment strategy when harvesting losses.
• Be aware of “wash sale” rules that affect new purchases before and after the sale of a security. If you sell a security at a loss but purchase another “substantially identical” security – within 30 days before or after the sale date – the IRS likely will consider that a wash sale and disallow the loss deduction. The IRS will look at all your accounts – 401(k), IRA, taxable, etc. – when determining if a wash sale occurred.

Manage your income and deductions
Those at or near the next tax bracket should pay close attention to anything that might bump them up and plan to reduce taxable income before the end of the year.

• Determine if it makes sense to accelerate deductions or defer income, potentially allowing you to minimize your current tax liability. Some companies may give you an opportunity to defer bonuses and so forth into a future year as well.
• Certain retirement plans also can help you defer taxes. Contributing to a traditional 401(k) allows you to pay income tax only when you withdraw money from the plan in the future, at which point your income and tax rate may be lower or you may have more deductions available to offset the income.*
• Evaluate your income sources – earned income, corporate bonds, municipal bonds, qualified dividends, etc. – to help reduce the overall tax impact.

Evaluate life changes
From welcoming a new family member to moving to a new state, any number of life changes may have impacted your circumstances over the past year. Bring your financial advisor up to speed on major life changes and ask how they could affect your year-end planning.

• Moving can significantly impact tax and estate planning, especially if you’ve relocated from a high income tax state to a low income tax state, from a state with a state income tax to one without (or vice versa), or if you’ve moved to a state with increased asset protection. Note that moving expenses themselves are no longer deductible for most taxpayers.
• Give thought to your family members’ life changes as well as your own – job changes, births, deaths, weddings and divorces, for example, can all necessitate changes – and consider updating your estate documents accordingly.

Next steps
Consider these to-do’s as you prepare to make the most of year-end financial moves, and discuss with your financial advisor and tax professional:

• Manage your income and deductions, paying close atten­tion to your marginal tax bracket.
• Evaluate your investments, keeping in mind whether you could benefit from tax-loss harvesting.
• Make a list of the life changes you and your family have experienced during the year.

*Withdrawals from qualified accounts, such as an IRA, prior to age 59 1/2 may also be subject to a 10% federal penalty tax. RMDs are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Light & Fluffy High-Protein Smoked Salmon Egg Casserole Recipe (9 Ingredients)

Prep Time: 15 Min Cook Time: 45 Min Total Time: 1 Hour

Ingredients
1 1/2 tablespoons extra virgin olive oil
3/4 cup red bell pepper, diced
1/2 cup yellow onion, diced
5 ounces fresh baby spinach
12 medium eggs
2 cups cottage cheese
1 cup shredded Parmesan cheese
1 cup shredded mozzarella cheese
8 ounces cold-smoked, wild-caught sockeye salmon, diced

Instructions
To a large skillet or sauté pan with sides over medium heat, add the olive oil, onions and peppers. Sauté until crisp tender, about 3 minutes. Add the spinach and sauté until wilted, about 1 minute. Remove from heat.
Place the eggs and cottage cheese in a blender and whip until smooth, about 30 seconds.
Pour the cottage cheese mixture into a medium mixing bowl. Add the mozzarella and Parmesan cheeses. Stir to combine.
Add the vegetable mixture to the cheese mixture. Season with salt and pepper, to taste, if desired. Stir to combine.
Fold in the smoked salmon until incorporated.
Pour the mixture into a baking pan or casserole dish (see Recipe Notes) that's been sprayed with cooking spray.
Bake in a preheated 350-degree F oven for 30 to 40 minutes, or until the casserole is cooked through and golden. Allow to cool for a few minutes before slicing and serving.

Notes
I used my medium-sized Le Creuset casserole dish, which measures 10x8 inches.
I used a red bell pepper, but you can use any color bell pepper you prefer.
I used cold-smoked, wild-caught sockeye salmon, but you can use your favorite smoked salmon.
Store leftovers in an airtight container in the refrigerator or freezer.

Recipe cooking times, nutritional information and servings are approximate and provided for your convenience. However, 30Seconds is not responsible for the outcome of any recipe, nor may you have the same results because of variations in ingredients, temperatures, altitude, errors, omissions or cooking/baking abilities. Any nutritional information is provided as a courtesy and it is up to the individual to ascertain accuracy. To ensure image quality, we may occasionally use stock photography.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.