With the rising costs of education these days, who knows how much a college education will cost by the time your toddler is ready for a University. Too many college students are forced to take on loans that they will work to pay off for a good portion of their lives. This does not have to be the fate of your kids.
If you start a college savings plan today, you can build enough savings over time to fund as much education as they desire. There are many options for a college savings plan. Many states offer their own prepaid programs that can be used for colleges in the state. These plans are great because the funds accumulate without you hardly paying into them. At the same time, these state savings plans are usually fully tax deductible.
If you want to start a college savings plan but do not want to restrict where your child can attend school in the future, you can go with an independent savings plan. One of the largest college savings plan providers out there today is UPromise. UPromise offers their clients with the opportunity to save money by making traditional deposits, but also by making specific purchases from specific locations. Things such as shopping for food or clothing can actually earn money for your child's college education.
No matter which path you choose, don't let your child be forced into debt to fund their education. Start a college savings plan now and give them a big surprise on High School graduation day.
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|Sheri Ann Richerson|