Whether you have a baby on the way or are planning summer campus tours with your teen, saving for college is probably on your mind. It’s no secret that college costs have been steadily rising. In fact, since 1971, college tuition has increased at 6% higher than the inflation rate, and student debt has risen to over $1 trillion.
While it’s easy to panic, there are steps you can take to make saving for college easier. A 529 savings plan is a common way that families save for future education expenses.
A 529 plan is “a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.” Every state (and the District of Columbia) offers at least one 529 savings plan option.
To help you learn more about 529 savings plans, our March Resource of the Month gives you 10 reasons that will help you determine if a plan is right for you.
Ready to talk more about a 529 savings plan? Contact the Robin S. Weingast & Associates team today.