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Sending Your Child to College
Being able to send your child to college is near the top of the wish list for most parents. A college education can open doors to many opportunities, and is increasingly necessary in today's economy. But that diploma doesn't come cheap.
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The Best Ways to Save for College
In the college savings game, all strategies aren't created equal. Should you choose a 529 plan, a Coverdell education savings account, or an UGMA/UTMA custodial account in your child's name? Or would you rather put your money in a mutual fund in your own name? Ideally, you'll want to choose a savings vehicle that offers you the best combination of tax advantages, financial aid benefits, and flexibility while meeting your overall investment needs.
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Financial Aid
Financial aid is money distributed primarily by the federal government and colleges in the form of student loans, grants, scholarships, and work-study jobs. Loans and work-study must be repaid (through monetary or work obligations), while grants and scholarships do not. A student can receive both federal and college aid.
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College Savings Vehicles Compared
Different college savings vehicles have different rules regarding who can participate, control of the underlying investments, tax advantages, penalty if the money isn't used for qualified education expenses, federal financial aid treatment, and common fees and expenses.
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Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.