Got Tuition?

Believe it or not, setting up a college tuition savings plan doesn’t have to be as complicated as people make it seem. However, if you get started earlier, the outcome will be more valuable. Before you can set up a college fund for your children, you need to have your other financial obligations in order. Work them out so that you have the extra money to put away for your children’s future. Even if your left over money starts out small, something Read the rest of this entry »

The 529 Plan is a state-sponsored savings program for college. While the features of each state’s plan are different, there are generally two kinds of 529 Plans: prepaying at today’s tuition rates or saving in a tax-deferred account for future tuition costs. The latter is generally considered to be preferable and is more widely available.

Tax deferral on the earnings, as long as they are used for college tuition, is the most obvious benefit to the 529 Plan. Read the rest of this entry »