September is National College Savings Month and there are some plans that could help you save.
529 plans, named from a section of the tax code, allow you to set aside savings for future educational expenses.The earlier you start contributing to a 529 plan, the more your money can potentially grow.
The contributions grow on a tax-deferred basis and can be withdrawn tax-free if the money is used to pay for qualifying education expenses. Money can be in a number of ways. It can be used for tuition or for things like laptops or internet access. It can be used for certificate programs, two-year degrees, post-graduate work or even primary education at private schools.Having significant savings set aside could reduce your child's eligibility for need-based aidIf your child decides not to go to college you will not lose your money. What will happen is you will subject to a penalty for withdrawing the money for other reasons.
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