Paying for College
Next to owning a home, paying for college may be your largest lifetime expense. If you have several children attending, college may well cost more than your home.
Fortunately, there are number of ways you can start saving for college that offer some tax advantages as well. You can open a 529 plan for relatively little money, and make contributions over time. The earnings grow tax-deferred and there’s no tax on money you withdraw to pay for allowable expenses. You might also consider a Coverdale education savings account (ESA), prepaid tuition plan, or investments in US savings bonds.
If you haven’t been able to put away enough, there are also loans, grants, scholarships, financial aid packages and a host of other options for paying college expenses. Knowing all of the funding sources available is essential homework. The more of the costs you can cover, the less your children will have to have to repay when they’re setting out on their own.
Featured Articles for Paying for College:
- College Costs
Paying for college can be an extraordinary expense, but there are ways to do it.
- College Investing Primer
Learning the ABCs of investing can move you to the head of the class.
- Education Investments
The earlier you start planning for college, the easier it will be to pay those tuition bills.
- Financial Aid
More than half of all American college students or their families borrow part of the cost of their education.
Suggested Books for Paying for College:
Guide to Saving for College