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Parenting Tips

Ten Tips on College Savings Plans

Higher education is getting more expensive each year. The time to start saving for your child’s college education is now. Here are some tips to consider when researching savings plans.

  1. Parents should consider starting a savings plan as soon as possible after their child is born. http://www.collegesavings.org/index.aspx
  2. Take a look at the cost of college tuition before determining a college savings plan so that you may plan efficiently.
  3. There are many college savings plan options available. http://www.savingforcollege.com/tutorial101/
  4. There are many advantages to investing in an Internal Revenue Code Section 529 savings plan (also known as a Qualified Tuition Program). http://www.finaid.org/savings/529plans.phtml http://www.collegesavings.org/advantagesOf529.aspx
  5. There are fees and expenses associated with the 529 savings plan. http://www.sec.gov/investor/pubs/intro529.htm
  6. Any money invested under the 529 savings plan must be used for higher education purposes. http://www.collegesavings.org/commonQuestions.aspx#question1
  7. There are federal tax incentives associated with college savings plans. http://www.savingforcollege.com/tutorial101/federal_tax_incentives_to_education.php
  8. Some people advise consulting a professional when putting together a college savings plan.
  9. By investing in a college savings plan, you will be reducing the reliance on debt later on. http://www.collegesavings.org/whySaveForCollege.aspx
  10. There are many challenges associated with applying to colleges; initiating a savings plan early on will help at least to reduce the financial stress.

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