Saving for Education

What is the best way to save for our children’s education?

Fortunately, over the past few years Congress has recognized that the cost of education has escalated and taxpayers need tax relief in order to adequately prepare for the financial realities of educating their children and grandchildren.  But, as a result, the variety of options may confuse taxpayers who want to maximize their tax benefits while preparing for future education needs.  Moreover, investment options and strategies can create added challenges and financial aid implications can be problematic.  It is important that each parent (or grandparent) planning for their children’s education understands the various options in order to select the savings plan(s) most appropriate to their needs.

The following information gives the reader a quick overview of the various savings options and well as outlining other tax advantages and financial aid considerations.

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OTHER INFORMATION AND RESOURCES

www.savingsforcollege.com  – all the information you’ll ever need to know about 529 plans

www.collegesavings.com – general information about saving or college

www.collegeboard.com – comprehensive sites for financial aid calculators, college search’s and other financial aid info

www.ed.gov – latest information on education issues

www.fafsa.ed.gov – free application for federal student aid

www.fastweb.com – free, searchable scholarship database that locates sources of financial aid suitable to the student

www.collegexpress.com – general information, cost and financial aid calculators, etc.

www.collegeview.com – search engine of over 3,500 colleges, virtual campus tours

www.usnews.com – general site with various college rankings and other information

www.missourimost.org – State of Missouri’s web site for information about the state’s 529 plan (MO$T).