The cost of college is on the rise, and no generation knows that better than millennials. Many young parents today are still paying off their own student loans; while trying to save for their children’s education. The good news is, starting a college fund while your child is young gives you a good amount of time to create a solid nest egg for their future. The decision now is where to put your money?
Most parents understand how important it is to save for college. While a 529 plan is one of the most efficient and effective ways for families to save for school, many parents don’t know how to choose the right 529 plan. How is a parent supposed to choose the right 529 plan based on its performance?
Know How 529 Investments Work
A 529 isn’t like a regular savings account.
North Carolina families can use a little good news right now as the country fights to emerge from the current health and financial crisis. To give students and parents something to cheer about, North Carolina’s National College Savings Program (NC 529 Plan) is giving away $5,529!
The “Dream Big 5/29 Day Drawing to Win $5,529” event was created to celebrate National 529 College Savings Plan Day on 5/29 (May 29).
Thinking about your child’s future and taking steps to help them reach their education and career dreams are important decisions. There are many options when deciding how to save for a child’s education. Parents can choose anything from a good old-fashioned savings account to savings bonds or mutual funds. However, many financial experts recommend parents consider 529 plans.
When you begin researching, there are many things to consider,
For parents with very small children, thinking about dropping them off at college for their freshman year may seem very far away. Thinking about saving money for college may seem even farther in the distance. Yet, young parents today know first-hand how expensive college has become — because they’re probably still paying off student loans from their own educations!
While you may not think you have the money to start a college savings plan right now,
Plenty of people will tell you about the importance of college. They’ll tell you about how college graduates earn more during their lifetimes. They’ll tell you about how the value of college extends far beyond the academic experience. What they may not tell you is how you’re supposed to pay for it.
Of course, there are all kinds of financial aid available like grants and scholarships, but the most surefire and effective way to find money for college is to save it yourself.