Saving for College
Category: Articles- fhuff- 1:17 pm/ June 6, 2010The cost of a college education can be staggering. According to the College Board, the average cost of a year at a four-year public university was $7,020 for the 2009-10 school year. A year at a private university averaged $26,273.
Parents who hope to send their kids to college need to put together a specific savings plan–and choose the right savings accounts.
Basic savings accounts and money market accounts aren’t earning very high rates these days. Many parents use 529 plans for future education costs. The 529 savings plans have several investment choices that can result in greater returns than basic savings accounts.
Among the benefits of 529 savings plans are:
- You may be able to deduct contributions to the plans on federal and/or state returns
- You control how funds are used, even if they are intended for your kids’ use
- You can change the beneficiary if one of your kids doesn’t go to college
- Deposits for each beneficiary can be up to $300,000 or more in some states
Do your research to compare 529 savings plans in different states. You are not limited to opening an account only in your state of residence. You can even open savings accounts in more than one state if you want.
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Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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