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saving for college
Guidance to help you plan for education costs with confidence. Learn about future college expenses, savings strategies, and tax-advantaged accounts.
tips to help save for college
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College costs continue to rise and without careful planning, your children could find paying for higher education difficult. Start saving now by working with a Financial Advisor.
How much will it cost?
The cost of a college education can vary significantly depending on factors such as the type of school, location, and length of study. Tuition and fees are only part of the overall expense. Families may also need to consider additional costs such as housing, transportation, travel, and textbooks. Planning ahead can help provide a clearer picture of potential expenses and support informed financial decisions. You can find great information at collegesavings.org.
The earlier you start, the easier it is
More parents are finding it difficult to fund their children’s college education. As a result, many students are taking on more debt – and having to repay college loans right after graduation. The answer? Start saving early. You can use this calculator to set up a savings schedule to help you plan for college tuition. There are also special accounts specifically designed to help you save for college. The two most popular are the Coverdell Educational Savings Account (ESA) and the 529 College Savings Plan. They’re both tax-advantaged ways to invest your money.
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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