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www.savingforcollege.com might help you get some insight into college savings plans. Or perhaps you can simply visit your own bank or financial insitution for additional information.
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Where can one find informationon saving plans for college?
There are many ways a person may find information about college savings plans. The best source of information for an individual will be from their banking institution. A person's private bank will able to help guide them to the appropriate college savings plan. Additionally, the website called Bank Rate has information on these types of savings plans.
Where can I learn more about Ohio college savings plans?
One of the best websites would be savingforcollege.com. From there find you college and they will have numerous plans and you can choose from them to meet your needs.
What is 529 college savings plan?
The best place to start would be to talk to your college adviser. They have plenty of information about 529 college savings plans and are ready to answer questions. Here is some information:http://www.savingforcollege.com/intro_to_529s/what-is-a-529-plan.php
What are the best college saving plans?
Some of the best college saving plans require a long time planning before hand. There are some savings plans at the bank that take minimal amounts from your bank account every month and transfer it over and then it starts to grow with interest.
Where can I get the best college savings?
The website http://money.cnn.com/magazines/moneymag/money101/lesson11/index.htm gives some good tips about saving for college. If you are interested in a 529 plan, check http://www.kiplinger.com/tools/best-529-college-savings-plans/ for some recommendations.
What is a characteristic of the college savings plan?
it is administered only by states
12 Questions About Prepaid Savings Plans?
College tuition can be burdensome if you do not prepare for it beforehand. It takes careful planning to minimize the cost of college education and truly it is but wise to start saving for this purpose early in your life. You can accomplish this important goal through prepaid savings plan for your college tuition. So, how can this be achieved? Unknown to many high school students and low-income families, there are prepaid tuition plans available for them to participate in. These plans or programs are also called Prepaid Education Arrangements (PEAs) and the way they work is that families can purchase public in-state education at current prices for their sons and daughters who plan to pursue their college education. This is advantageous for families and students because college tuition inflation will not affect their pre-purchased education. How many types of prepaid savings plan are there? There are two plans available for aspiring college students and their families or sponsors: a units plan and a contract plan. With a units plan, you can buy portion of your tuition units, which are usually measured in credit and semester hours. A contract plan is more flexible than a units plan because it allows you to purchase tuition contracts for one year and all the way up to five years. Both plans can be paid in installments or in a lump sum. What are the beneficial advantages of prepaid savings plans? State governments assured purchasers of prepaid savings plans that they will match any increase in in-state tuition amount at any given year. Upon knowing which college you will attend, you may start your safe investment in prepaid savings plan. Realize that these plans for the most part outmatch the interest compounded in your savings or CD accounts so they are indeed the best choice in preparing your loved one for college. What are the drawbacks of prepaid savings plans? There are a few drawbacks, however, with prepaid savings plans. First, these plans are limited to state residents so they restrict your choices of college or university to attend. Prepaid savings plans cannot be transferred or used if you decide to enroll in a private or out-of-state college or university and some plans basically cover your tuition cost only, not your board and lodging, or even your books. Once you start paying for your prepaid savings plan, requesting a refund or cancellation is imprudent because it can result in stiff penalty and also of loss of interest. Now that you know the pros and cons of prepaid savings plan, evaluate your situation and make an informed decision about your educational future. It’s not too early to plan for your college education. Your decision today will surely enhance your life’s outlook so make your choice and don’t delay any further. Source: http://www.collegeboard.com/parents/pay/scholarships-aid/21391.html
Where can you find reviews on the worst and best 529 college plans?
On the CBS website in the CBS moneywatch section you can find an article about the four best as well as the four worst college plans. It also give you further information about 529 college plans.
Which websites have information on the best savings accounts for college students?
All banks and financial institutions will offer similar savings accounts for college students. These accounts are set up by parents as a mode to make regular savings before the student is ready for college.
What college savings plan is the best tax advantage for someone just beginning to save with a limited amount of years before college?
A 529 College Savings Plan is a savings account dedicated to college or other educational funds by the IRS with a federally approved tax break. You can contribute directly from you adjusted gross income, and through direct deposit.
If You Have Children You Need A 529 Savings Plan?
The cost of college tuition and related expenses is always on the rise. One of the best ways to offset this expense is to invest into a 529 savings plan. A 529 plan is an investment account that can be used only for college tuition and related expenses such as books, boarding and lab fees. There are two distinct plans under the 529 tax code. The Prepaid College Fund is a 529 plan that allows you to purchase credits for college at the rates of tuition today. This is very economical, especially if you have small children. The other 529 plan is a savings plan. This plan is one that allows you to invest money to be later used for college. States generally regulate the 529 plan even though the guidelines for the plans are set forth by the Internal Revenue Service. Most plans offer incentives if the money is later used to attend college in the same state. 529 plans are very “hands on” types of plans and you will be able to manage the account. You are not taxed on 529 earnings until you make a withdrawal to pay for college. Once you have made a withdrawal you will receive a 1099 at the end of the year for additional income. Money that is withdrawn from a 529 savings plan that is not used for college expenses is subject to income tax and a 10% penalty by the IRS. States that offer tax credits for having a 529 plan may also reclaim those credits if the plan is not used for college. One downfall to a 529 plan is that it will be used as a source of income when applying for student loans/aid. Because of this you may not qualify for all the student programs out there. This should not be a deterrent however, 529 plans make an excellent tool for paying for higher education. The amount of money you will need to invest in a 529 plan will depend on the type of plan you select and the age of your children. Some states, such as Florida, only allow enrollment into a 529 plan once a year. If you are interested in this type of college savings plan you should familiarize yourself with your particular states regulations.
How is the best way to save for college?
The best way to save for college is to slowly save enough every year in a tax deferred account like a 529 Savings Plan that are offered by your state.
