Guide to College Savings Plans
From CNN Money's "Money 101" Series
Creating a plan for college ahead of time will save you both time and money. Here are some highlights of what you need to know:
1. Saving for your own retirement is more important than saving for college.
2. The sooner you start saving, the better.
3. Stocks are best for your college savings portfolio.
4. You don't have to save the entire cost of four years of college.
5. With mutual funds, investing for college is simple.
6. 529 savings plans are a good way to save for college and they offer great tax breaks.
7. Tax breaks are almost as good as grants.
8. The approval process for college loans is more lenient than for other loans.
9. Lenders can be flexible when it's time to repay.
10. Taxpayers with student loans get a tax break.
Click here for the whole story on these quick tips.
Looking for more? Check out these other articles from CNN's Money 101 Series:
College Savings Strategies – If you save early and wisely, college may be affordable after all.
Best Investments for College Savings – Make sure your educational investments grow with your children.
Tax-savvy College Savings Options – 529s, Coverdell IRAs and college savings trusts may work for you.
Paying for College: Financial Aid Options – From college grants to school loans, you have a lot of options for financial aid.
Free Money for College from the IRS – Take advantage of tuition tax credits and education deductions.
Repaying Student Loans after Graduation – Good behavior when it comes to paying student loans can save you dollars and cents.
