College Savings Guide
This four-part guide to college savings takes parents and students through all phases of funding their children’s higher education. From setting an appropriate savings goal and selecting the best college saving accounts through making withdrawals to pay for eligible education expenses, Money-Rates.com provides expert guidance.
Funding a college education is a significant financial goal for many families, and its achievement is likely to require careful planning. The total cost of college attendance goes well beyond tuition. Understand all potential expenses to set a realistic savings goal and think clearly about what you can do to minimize your outlay.
Find out where 529 plans, custodial accounts, prepaid tuition and even retirement accounts can have an important role in funding your student’s education. Discover the advantages of six important saving and investment vehicles.
You’ve set a big goal and identified the best college savings accounts for your purposes. This section details the various ways that you can actually build your college fund balances.
While 529 college savings plans have excellent tax benefits, it’s important to know how to properly withdraw money from those accounts to avoid IRS penalties. Similarly, schools have differing requirements about how and when they receive payments to avoid late fees or blocked access to class registrations. Here’s how to properly distribute 529 plan college funds.