As spring turns to summer, the challenge of applying for college ends and the challenge of paying for college begins. Though that first college bill can be daunting, remember that you have 3 options to pay for college: you can tap your savings (your accumulated past income), pay as you go (out of your current income), or you can borrow (committing your future income to pay down education debt). Choose 1 strategy or combine all 3!
Happy 529 Day — aka Educational Savings Day (5/29, get it?). A toast to all the savers!
If you have a child enrolling in college, and you’ve saved for it in a 529 Savings Plan, congratulations! It’s time to get your tax break! While paying for college with 529 Plan assets is not difficult, there are a few things to keep in mind. Here’s what you should know: