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College Funding Planning
Planning for college can be daunting, but it doesn’t have to be! There is no “right” way to save and prepare. It’s all about finding what works best for your family and financial situation. We’re here to help. Check out the various savings alternatives below, which families often combine to pay for college expenses.
Benefit of College Funding Planning
This is a traditional method for growing your child’s savings through regular deposits. Remember that interest rates on these accounts are very low, so it will be hard to build wealth beyond what you contribute. Also, the interest earned on bank savings accounts is taxable.
This is a traditional method for growing your child’s savings through regular deposits. Remember that interest rates on these accounts are very low, so it will be hard to build wealth beyond what you contribute. Also, the interest earned on bank savings accounts is taxable.
Also known as ESAs, these accounts allow you to save up to $2,000 each year for each child. This is a tax-free account, and the funds don’t have to be used for college. Savings can be used to pay for college or any K-12 expenses. Contributions can be made until your child reaches age 18 and must be spent before the child turns 30.
Think about what you’re most comfortable with. Are you okay with taking on a little risk, or do you want something stable? Would you like to limit funds to college use only?
Whatever you decide, it’s best to start early. You’re protecting and preparing your child for his or her future in every other way, so it makes sense to take the final step and make sure that your child will be financially prepared as well.
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