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College Savings

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529 College Savings Plan Contribution Limits

Contributing to a 529 plan may seem quite simple — you write the check or get the money automatically withdrawn from your checking account, and those funds get deposited into the 529 plan. [more…]

How to Defer or Discharge Student Loan Debt

Under special circumstances, you can receive a deferment on the repayment of your federal student loans. You may even get your entire student loan debt forgiven [more…]

Requirements for Using Savings Bonds for College Expenses

To save for college tax-free using either Series EE or Series I savings bonds, the owner needs to be at least 24 years old on the first day of the month when the bond is issued. There are no exceptions [more…]

Higher Education Expenses That Qualify for 529 College Savings Plans

Parents (and other relatives) who fund Section 529 plans need to be very conscious of what constitutes a qualified higher education expense and what doesn't. The following table lists qualifying higher [more…]

How to Pay College Expenses with Savings Bonds

You may use any sort of U.S. Treasury bonds, notes, and T-bills to pay for college expenses. Only Series EE and Series I savings bonds can be used to pay for postsecondary education costs without having [more…]

The Types of Federal Student Loans

Four major types of federal loans are available to students or their parents: Stafford Loans, PLUS Loans, Perkins Loans, and Consolidation Loans. Each type of loan is aimed at a different set of people [more…]

Tax-Deferred Ways to Save for College

Saving money for college (yours or your children’s) is a good thing, even when financial times are tough. Uncle Sam backs up that college-investment philosophy with a variety of savings programs that contain [more…]

Qualified Education Expenses in Coverdell College Savings Plans

Education expenses that qualify for Coverdell College Savings Plans are those expenses that you’re required to pay if your student enrolls at an eligible school. Eligible schools include all public, private [more…]

How to Calculate 529 College Savings Plans Qualifying Distributions

Assuming that your designated beneficiary is a qualified student and is incurring qualified expenses, you now need to figure out just how much of a distribution you should make from your Section 529 plan [more…]

Advantages of 529 College Savings Plans over Prepaid Tuition Plans

A Section 529 savings plan is, in many regards, an investment account. Although states may establish the rules, most of these state-sponsored plans are actually administered by mutual fund companies, or [more…]

What College Expenses Qualify for Payment with Savings Bonds?

If you’re planning on using savings bonds to pay for college, you need to know what expenses are qualified for the purpose of redeeming these bonds tax-free. Although U.S. Savings Bonds are safe and reliable [more…]

529 Guaranteed College Savings Plan Guarantees Return on Investment

A few states have started a movement to meld 529 prepaid tuition plans and 529 savings plans into a hybrid: the guaranteed savings plan. Guaranteed savings plans follow all the rules and requirements of [more…]

What Are Coverdell Education Savings Accounts?

You can invest money in Coverdell Education Savings accounts in a variety of ways: stocks, bonds, money market accounts, certificates of deposit, and so on, although you may not invest in life insurance [more…]

Educate Yourself about Student Loans for College Expenses

Student loans based on financial need are subsidized. When a student loan is subsidized, you usually don’t have to pay yearly interest while the student for whom the loan was granted is still in college [more…]

Investing Rules and Regulations for Coverdell College Saving Plans

Coverdell ESAs generally follow the same rules as traditional and Roth IRA accounts. Unlike 529 plans, there’s a lot that’s allowed, and not much that’s prohibited. Still, to keep everything kosher, you [more…]

Qualifying Criteria for 529 College Savings Plans

Section 529 plans seem to be wrapped in qualifications. Your plan must qualify and so must your student, but don’t allow these endless lists of criteria discourage you from using 529 plans. In order for [more…]

Saving for College via Section 529 Plans and Coverdell Accounts

Postsecondary education isn’t free. The costs of attending college are huge. 529 Savings Plans and Coverdell Accounts provide built-in tax incentives to help you save for college expenses. [more…]

Shopping Around to Open a Coverdell Education Savings Account

Not every bank, savings and loan company, and mutual fund company offers Coverdell Education Savings Accounts (ESAs). Check around and ask questions. Financial institutions must apply to, and be approved [more…]

Basic Parts of Section 529 College Savings Plans

Qualified tuition programs covered under Section 529 of the Internal Revenue Code are programs that allow you to save money or purchase tuition credits for future college expenses for a specific beneficiary [more…]

How to Figure the Future Costs of College with Online Calculators

Calculating college expenses helps you plan for the time you’ll be sending your child to off to secondary school. Most college costs are paid with a combination of savings, financial aid, and student loans [more…]

Exploring Ways to Fund Your College Education

If you’re not able to save enough to cover the full cost of your (or your child's) secondary education, various scholarships, grants, and loan programs are available to cover shortfalls. Here are some [more…]

Purchase Future College Education with Section 529 Prepaid Tuition Plans

Prepaid tuition plans allow you to purchase future college tuition at current costs. The plans can be administered by a specific state or by an institution. The amount of money you put into your prepaid [more…]

What Students Qualify for Coverdell College Savings Plans?

In a major departure from the Section 529 definition of “qualifying students,” Coverdell qualifying students consist of almost anyone who’s studying anything. You can use distributions from your Coverdell [more…]

Assessing Investment Risk in a Coverdell Education Savings Account

Whether you’re investing in stocks or bonds in your Coverdell Education Savings Account (ESA), an element of risk is involved. Here are some points to keep in mind when pondering the level or risk to take [more…]

529 College Savings Plan Options to Fund Secondary Education

Not all Section 529 college savings plans are alike. Some 529 plans allow only residents of their states to participate, while others open their plans up to everyone. There’s an even larger difference [more…]

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