Ĭlooney started his career in television, gaining wide recognition in his role as Dr. DeMille Award in 2015, the Honorary César in 2017, AFI Life Achievement Award in 2018, and the Kennedy Center Honors in 2022. He is the recipient of numerous accolades, including a British Academy Film Award, four Golden Globe Awards, and two Academy Awards one for his acting and the other as a producer.
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However, the full plan payout amount may need to be reported as income on the FAFSA, reducing eligibility for need-based financial aid by as much as half of the distribution amount.George Timothy Clooney (born May 6, 1961) is an American actor and filmmaker.
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The Gerber Life College Plan appears to be a form of life insurance, which is not reported as an asset on the Free Application for Federal Student Aid (FAFSA). Gerber Life College Plan hurts financial aid eligibility More than two-thirds of states offer income tax deductions or credits for contributions to their 529 plan. The earnings in a 529 plan grow on a tax-deferred basis and are entirely tax-free when used to pay for qualified higher education expenses. A 529 plan currently yields more than double the earnings of the Gerber Life College Plan.ĥ29 plans also offer several tax advantages that aren’t available to the Gerber Life College Plan. The performance of the Gerber Life College Plan is about half the current average return on investment of 529 college savings plans, as reported in ’s quarterly performance rankings. 529 College Savings Plans outperform Gerber Life College Plan
For example, the best interest rates on 5-year CDs, as reported by, provide a higher return on investment than the Gerber Life College Plan.īank CDs also provide the benefit of FDIC insurance, which the Gerber Life College Plan does not. But, in a rising interest rate environment, one would expect a higher return on investment for a long-term investment. The Gerber Life College Plan does lock in the earnings over a 10 to 20 year term. The performance of the Gerber Life College Plan is similar to the interest rates on current 1-year bank CDs, as reported by. Gerber Life College Plan performance similar to short-term bank CDs Using a 17-year moving average, tuition inflation averaged 4.6 percent at private 4-year colleges and 6.3 percent at in-state public 4-year colleges. Longer-term tuition inflation is even higher. Current tuition inflation is 3.6 percent at private 4-year colleges and 3.1 percent at in-state public 4-year colleges, according to the College Board’s Trends in College Pricing 2017. The performance of the Gerber Life College Plan does not keep pace with college tuition inflation. Gerber Life College Plan falls short of tuition inflation For example, this snapshot shows that payments of $57.02 per month for 13 years yield a total of $10,000 in savings or plan payout. The My Child’s College Plan tool on the Gerber Life Insurance web site calculates the total savings for various monthly payment amounts and plan terms in years. Gerber Life College Plan yields low earnings The Gerber Life College Plan also offers inferior performance as compared with the return on investment available on FDIC-insured Certificates of Deposit and 529 college savings plans. But, the investment earnings are taxable and do not keep pace with college tuition inflation. The Gerber Life College Plan by Gerber Life Insurance promises guaranteed growth and the flexibility to use the money to pay for college or other expenses. The Gerber Life College Plan hurts eligibility for need-based financial aid.5-year bank CDs and 529 plans beat the Gerber Life College Plan.The Gerber Life College Plan performance is similar to short-term bank CDs.The Gerber Life College Plan annual earnings are as low as 1.76%.
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