Last week, we launched a four-part series about the best tax-preferred college savings vehicles. So far we have covered three out of the four: 529 College Savings Plans, 529 Prepaid Tuition Plans, and the Coverdell Educational Savings Account. Be sure to review those posts, if you didn't get a chance to read them yet. Today we are rounding out the series with the least well … [Read more...] about The Best Way to Save for College: Uniform Gift/Transfer to Minor Act
saving for college
If you are a parent who has diligently socked away funds in a 529 Plan for your children's college education, you probably lost some money, then maybe gained some back in recent years. Seeing your kids' nest egg going up and down is scary, no doubt about it. When the panic starts to set in, some of you are probably thinking about calling it quits on your college savings. … [Read more...] about Are 529 Plans Still a Good Plan?
Last week, we talked about ways to reduce your dependency on student loans. One of the single best ways to avoid costly loans is to plan ahead with a college savings plan. Known as a 529 Plan - after the federal tax code that allows you to save money on your taxes when you invest in these plans - college savings vehicles are used by millions of Americans to save … [Read more...] about Saving for College: Top 5 Questions (and Answers)
So today we are going to look at each component of the cost of attendance and see where we can shave off a few dollars. The goal here is to help you get by on the aid dollars you are getting with less than 20 hours of work a week. Why 20? Research shows that students who work 12-20 hours a week often do better in school, but as you increase hours above 20 hours a week, you … [Read more...] about Stretching Your College Going Dollars – Cost of Attendance Components
A recent article from the Dallas News alerted me to a problem with the Prepaid Tuition 529 Plan in Texas. Originally, the plan let investors withdraw their funds, plus earnings, even if the designated beneficiary wasn't going to college in Texas. Now, however, the state of Texas is amending that benefit: If investors don't use their plan to pay for school in Texas, they get … [Read more...] about Are Prepaid Tuition Plans in Trouble?