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Your College Saving Options

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If your family is not already putting aside money to pay for your college education, it’s not too late to get started with special savings accounts for education costs.

These accounts allow your money to grow in two ways. First, they offer interest — a profit you make from the money you’ve invested in the account. Second, the interest you make from these accounts is not taxed, unlike that in a regular interest-earning savings account. Here are the details about two programs designed to help you and your family save money for college.

It’s not too late for your family to start saving for college.

529 Plans

There are two types of tax-free qualified tuition programs, also called 529 savings plans. Here is a brief description of them.

College Savings Plan

With these state-managed plans, you usually have some choice about how a state invests your money, and you earn interest on the investment. You can withdraw money from these plans to pay for any type of expense at any college.

Prepaid College Tuition Plans

States or higher education institutions can manage these plans. They allow your family to prepay your college tuition and lock in today’s prices, no matter how much the cost of going to college increases.

Recommended

Did you know that you may be eligible for financial aid? And even if you think you aren’t, it’s smart to apply for it. Get the facts about financial aid.

Most students receive some form of financial aid to help them pay for college. Learn about financial aid and how it can work for you.

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