Posts Tagged ‘federal student aid program’

Saving Up For Your Child’s College Education

Posted February 18, 2009 by Bernz

College can be one of the highest expenses a family ever faces. College tuition continues to climb every year with the average in-state annual tuition for public colleges costing $6,700 and $25,000 for private colleges. It is estimated that college tuition will continue to increase in the foreseeable future.

collegesavingsThe best way to take control of saving for your child’s college education is to save early and save lots. While this is simply common sense, there are so many types of college savings plans out there, it can be confusing to choose the one that’s right for your family. Some of the options include:

1. 529 Plan- each state has at least one of these plans. A 529 plan allows you to invest up to a maximum amount of funds each year that are allowed to grow tax-free until the child attends college. The funds can then be withdrawn tax-free at the federal level. There may also be tax credits in your state to offset the state tax that may be payable on the investments growth.

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Posted in Loans, Saving for College, Saving Money, Student Aid | 1 Comment »


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