How much do you need to save for college?
Do you know the many different tax-advantaged ways to save for college?
Or, if you are already saving for college, are you keeping pace for rising college costs?
I will help answer your questions and give you the information you need to wisely save and invest for college. It’s very important to start saving early, and to choose the right college savings plan for you and your family.
- 529 College Savings Plans: These state-sponsored savings plans are popular because many offer both state and federal tax breaks. They can also be used in any state and transferred between beneficiaries. 529 College Savings Plans may offer tax advantages.
- 529 Prepaid Tuition Plans: Prepaid tuition plans allow parents, grandparents and others to pay future tuition at today’s prices. Find out what you should consider before paying for college up-front. Both types of 529 plans may offer tax advantages.
- Coverdell Education Savings Accounts: Don’t want to be limited by the investment options in a State plan? With an Education Savings Accounts your investment options are virtually limitless.
- Custodial Accounts: UTMAs and UGMAs have advantages, but when the student turns 18 they get full control of the money. Plus, there are financial aid issues to consider.
- Series EE and I Savings Bonds: Savings bonds are another tax-advantaged way to save for college, but you must meet specific income limits to receive the full interest exclusion.