Tips to Save for College Infographic
If you have kids you probably know a thing or two about saving for college. But here are some college saving tips you might not have considered yet. The Top 5 Tips to Save for College Infographic illustrates some of the finer points of college savings. Learn how to maximize your savings dollars and take advantage of available financial aid.
- 529 plans REALLY ARE THE BEST option for most of your college saving.
They are tax free. Saving caps are high.
- Suggested saving split: 80% 529 plan and 20% regular, taxable investment account. If college plans change, resulting in excess savings, you'll want to be able to use that money for other things.
- Watch out for kids’ own college savings accounts.
Colleges assess financial need based on up to 5.64% of parents’ available assets and 20% of savings in a child's name.
- Ask others like doting grandparents, aunts and uncles to give college money rather than expensive presents.
- 90% of grandparents would be likely to contribute to their grandchild‘s college savings fund in place of other gifts.
- 72% believe it’s important to help pay for their grandchild’s college expenses.
- Being a modified as needed tiger mother could save on college tuition.
Being a tiger-mom may help your kid get into a great school – and the best schools are more likely to offer financial assistance.
- 75 of colleges that meet students’ needs rank in the top 25 of U.S. News & World Report ranking for their categories.
- 100% of Ivy League colleges Claim to cover 100% of financial needs for qualifying, accepted students.
- In a down-to-the-hire pinch, federal, state, and private grants and loans can help.