Your kid graduated… kindergarten. She wore a robe, a cap and even received a diploma. Then it hits you- she will be graduating high school before you know it. How are you preparing to save for college tuition? Here are a few ways to save for your child’s college education.
- How Much Do I Need to Save? High school counselors care about getting your child into college – you should care about how to pay for it. Get a free estimate on how much to save on sites like https://texascollegesavings-edfunding.wealthmsi.com/. This calculator can give you an idea of what college will cost when the time comes.
- Plan 529. These investment plans, also referred to as qualified tuition programs, receive special tax benefits. 529 plans are designed specifically to help families – regardless of income level- save for college expenses, such as tuition and books. Learn more about 529 plans here.
- Options. You can also consider using a retirement account like a Roth IRA. A Roth IRA allows you to withdraw funds, without penalties, to pay for qualifying educational expenses. Scholarships are another way to help pay for college; more than 3.7 million college scholarships and grants are available. Start your search here.
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