As colleges get more crowded and tuition continues to rise, the competition for financial aid is increasing. Also, loan rates and inflation could outpace the growth of your savings, and grants and scholarships tend to be modest. Various tax-advantaged investments can help you to pay for your child’s education needs, and can be integrated into your overall financial strategy.
Learn about some powerful education savings plans:
• 529 Plans — Popular, flexible and tax-advantaged education-funding vehicles
• UGMA/UTMA — Contribute to a custodial account, regardless of your income level
• Coverdell — Tax-advantaged investment vehicles for more control over financial decisions