There are many options when it comes to saving money for your children’s education. One thing that I always tell people to check into is the benefits within their jobs. Some employers will give parents a certain amount of money to fund their children’s education. This is usually applicable to parents who have been working with the companies for a period of time.

Also, when choosing a savings plan option through a bank, be sure to choose a plan that accumulates the most money over a time frame. Many people are surprised at how much this can help them out in the end. Do some research online before choosing a plan, this way you can make the best decision for your children’s future.

Tax deferral on the earnings, as long as they are used for college tuition, is the most obvious benefit to the 529 Plan. Some states offer additional tax benefits as well. In most states, there is no limitation on when or at what age a person must use their 529 account. If they decide against college entirely, the account can even be rolled over to another family member. There are also no restrictions about who can open an account for whom. It is allowable for a person to open an account for themselves, their children, grandchildren, friends, neighbors, anyone. And anyone is allowed to contribute to each account, not just its owner.

The major downside of a 529 Plan is that money not used for college will be taxed and have a 10 penalty added. It is also possible it will affect financial aid eligibility.

• Education Planning: Taxes, Trusts, and Techniques (Nancy Shurtz) is described as being an invaluable, in-depth resource for the estate and tax planning strategies and vehicles available for families saving for higher education. While focusing on all aspects of the popular 529 plans, the author also provides information on all other savings options, including 529 prepaid plans, Coverdell Educational Savings Accounts, qualified savings bonds, UGMAs/UTMAs, trusts, insurance, financial aid, grants, scholarships, and loans. It compares and contrasts techniques and applies them to different income groups. Also includes numerous planning tips, charts, and examples.
• The Best Ways to Save for College : A Comprehensive Guide to State-Sponsored College Savings Plans and Prepaid Tuition Contracts (Joseph F. Hurley) may be the source for you if you’re trying to understand how 529 plans work: the tax rules, planning strategies, impact on college financial aid. The author compares them to other alternatives such as the Education IRA, savings bonds, and mutual funds and he describes the best and worst features of each state’s plan, along with an exclusive rating system which will guide you to the ones to use and the ones to stay away from since they are definitely not all created equal!
• 529 and Other College Savings Plans for Dummies (Margaret A. Munro) may be a “for dummies” book, but you’ll be the “dumb one” if you don’t access the information it contains which is inclusive of up-to-the-minute details on the plans in clearly written explanations including a tear-out cheat sheet and top ten lists. And, since this topic is also commonly considered stressful, you’ll definitely appreciate the dash of humor and fun that’s thrown in to function as a sanity check!

These are great starting points along your journey, so we hope you’ll consider them as reading material so you can be well-armed with knowledge when it comes to the soon-to-be inevitable tuition battles!

1. Choose a Relative Degree: Many companies will be very open to the idea of paying for tuition costs, but you need to be seeking a degree that is directly related to what you do. One of the most common degrees paid for by employers is an MBA. This degree provides education on a range of managing issues such as accounting, human resources and operations, and is considered highly valuable. However, if you want to continue your education on a subject of personal interest such as philosophy or archeology, then don’t expect your company to shell out for this.
2. Present Your Case: If a business is willing to invest in your education then they want some sort of assurance that you will actually improve as an employee as a result of this education. Come up with an explainable list of reasons how such a degree will positively affect the workplace. It’s also important to come to your boss with a set plan of where you would like to attend classes, how long it will take, and how much it will cost. Don’t simply tell the higher-ups “I think I’d like to go back to school, do you mind paying?” Even if they’re willing to help financially, they won’t do the work for you; that’s your responsibility.
3. Understand the Expectations: After your employer has agreed to cover all or part of your tuition, it’s a good idea to have a conversation about specific expectations. Many companies will require that you continue working there for a certain period of time, which is understandable, but something that you need to decide if you are willing to do. If they have mentioned any other stipulations such as maintaining a certain GPA, clarify all of the specifics so you don’t end up with the costs dumped back on you because you didn’t clarify expectations.

1. Books: After tuition, textbooks are perhaps the most daunting of college expenses, but there are many ways to save on these costs. Always check around for friends who have taken any of the classes you’ve enrolled in and ask if you can borrow the book for the semester, or even pay them a few bucks for it. Amazon, Bigwords, and Book Circus, are just a few of the online companies that offer textbooks at discounted rates. Some sites also have options for selling your old books back at the end of the year.
2. Computer: More and more universities are requiring students to own a laptop, which adds considerably to college costs. However, a number of computer companies offer special discounts for students. Apple offers educational discounts as well as special offers such as a free iPod touch with the purchase of a Mac. Dell and HP also have special student prices that you should take advantage of.
3. Transportation: Most college towns are either small enough to get around on foot or have a reliable public transportation system. Leaving your car at home can save you costs on gas and a parking spot. Besides, walking is a great way to keep off that freshman 15.
4. Food: The transition from mom’s home-cooked meals to cafeteria food can be a rough one, but if you have a meal plan, use it as much as possible and limit your number of meals eaten out. Even if you’re used to brand name foods, try to buy generic at the grocery store. These products are usually just as good and much cheaper.
5. Credit Cards: Steering clear of credit cards altogether may be the best option for you, but if you do decide to use one be very diligent about tracking your expenses. Many students fall in love with minimum payments and won’t pay more than this during their entire four years of school. You may can get by this way, but you’ll be stuck with thousands of dollars worth of credit card debt. Always make payments on time and try to budget your expenses so you can pay as much of your actual bill as possible.