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Starting to save for college as early as possible can make a huge difference in funding future education expenses. When you start saving for your child’s education early, the interest earnings on your investments can really add up over time. Paying for college with a savings plan means your child will need less financial aid and student loans to attend college. Every dollar saved now is a dollar you won’t have to borrow and pay interest on later.
529 Plans
These college savings plans are designed to help families save for their children’s future college costs. Each state has a 529 college savings plan operated by the state.- Funds can be used for colleges nationwide and are not limited to the state of origin.
- 529 savings plans offer federal and state tax benefits and deductions.
- The plans’ owners stay in control of the accounts, the person who sets up the account maintains control of how the money is withdrawn.
- 529 savings plans are low maintenance and offer ability to contribute automatically directly from bank account or payroll deduction.
- You can withdraw funds from the college savings plan at any time for any reason but tax penalties may apply.
- 529 plan investment options can be changed twice per calendar year and you can rollover your funds into another plan each year.
- Compare the fees and performance each state’s 529 plan to determine the best one to invest in; you do not have to invest in your state’s college savings plan.
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Consider the big picture when calculating college costs.
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Planning Today Saves Headaches Tomorrow
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Why go to college? Why stay in NM?
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FAFSA HOME
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Making smart borrowing choices with student loans is essential to your future financial success. Check out the GetWisEdu.org comprehensive student loan calculator. Calculate your student loans, school costs, living expenses, and how your future salary will enable you to successfully repay your student loans and live the lifestyle you want.
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