The cost for attending a college, private or public, is rising rapidly and will continue to rise in the future. Saving for college has become a top priority and has also become easier under recent tax law changes. There are several ways that you can start saving today. There are even options that allow you to contribute as little as $15 a month. One example is the popular 529 plan.
* As with all tax-related decisions, consult your tax advisor. Withdrawals for expenses other than qualified education expenses are subject to income tax and an additional 10% penalty on earnings. You should consider a 529 Plan's fees and expenses such as administrative fees, enrollment fees, annual maintenance fees, sales charges, and underlying fund expenses, which will fluctuate depending on the 529 Plan invested in and the investments chosen within the plan. You should also consider the inherent risks associated with investing in 529 Plans such as investment return and principal fluctuation, which will also vary based on the investments made within the plan. More information is available in each plan's official statement. The official statement should be read carefully before investing.
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