Top 5 Tips to Save for College Infographic

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.

1. 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.
2. 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.
3. Ask others like doting grandparents, aunts and uncles to give college money rather than expensive presents.
   1. 90% of grandparents would be likely to contribute to their grandchild‘s college savings fund in place of other gifts.
   2. 72% believe it’s important to help pay for their grandchild’s college expenses.
4. 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.
   1. 75 of colleges that meet students’ needs rank in the top 25 of U.S. News & World Report ranking for their categories.
   2. 100% of Ivy League colleges Claim to cover 100% of financial needs for qualifying, accepted students.
5. In a down-to-the-hire pinch, federal, state, and private grants and loans can help.