For us, it feels like just a week ago, our beloved child was born. But now, they’re just about to enter college, and it’s time to start thinking about how to finance their education. As parents, we want to be able to provide the best possible education for our children, but with the ever-rising cost of tuition and other expenses, the road isn’t going to be smooth. In fact, it’s common for parents to get bombarded by the idea of going broke in the process. The Prep Expert Admissions Help will give you the best solution. But at the very least, you need to have an understanding of the different options available to you and how best to finance them. Let’s break down a few tips to help finance your child’s college education.
Start Saving Early With a 529 Plan
Simply put, the earlier you start, the more money you’ll be able to save for college. And the best way to get your child’s college education off to a good start is with a 529 plan. A 529 plan is a tax-advantaged savings account specifically designed to help you save for college expenses. The money in the account can be used for tuition, room and board, books, computers, software, and even certain experiential learning activities like study abroad programs. Not only that but the money can be withdrawn tax-free as long as it’s used for qualified higher education expenses.
Look into Grants, Scholarships, and Other Aid
Scholarships and grants are …