Email This PageSaving for Education
How do you pay for College?
Answer: Set up an account in a Qualified State Tuition Program (QSTP). These programs are more commonly referred to as “529 Plans”. These plans have quickly surpassed all the other “traditional” approaches to college savings.
Here is why a 529 Plan is a must consideration for college savings:
a. Substantial income tax breaks can be realized. The accounts grow tax free if withdrawals are used for qualified college costs.
b. The parent, or grandparent, stays in control, even when the child turns 18.
c. The plans are very administrative friendly and professional money management is provided by some the biggest and best names in the business, i.e. Fidelity, Vanguard, TIAA-CREF.
d. Everyone is eligible to take advantage and substantial amounts can be invested (over $100,000 per child).
These two websites are excellent resources for information on this major financial expenditure:
“Best 529 Site”( http://www.savingforcollege.com/ )
“Georgia’s 529 Plan” (http://www.gacollegesavings.com/ )
Also, check our Financial Calculators for assistance on running the numbers.
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