Investing for college during and after COVID may be even more important than it was before.
A college plan is essential at all times, but especially in these days of lingering COVID uncertainties and shrinking financial aid expectations. With free aid likely harder to come by and student debt already at unmanageable levels, many families may need to invest even more to pay their share of college costs.
Financial aid: An overlooked casualty of the pandemic
Like so much in life, college has felt the full brunt of COVID. The virus quickly shut down campuses last spring, resulting in billions in lost revenue. Those losses mounted as enrollment declined for the fall 2020 semester, particularly among incoming freshmen uninterested in remote learning and international students unable to travel. On the plus side, college costs posted some of their smallest increases in decades, with many schools freezing or cutting tuition in an effort to recruit students.
For more information
To learn more about college planning and 529 college savings plans:
- Consult your financial professional
- Visit www.ny529advisor.com
- Call 1-800-774-2108
Before you invest, consider whether your or the beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state's qualified tuition program.
Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of Investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this pandemic to public health and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on investments.
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