Student Loans Detail
Section 529 Plans are state college savings programs, including pre-paid tuition plans, that allow funds to grow federally tax-free for the purpose of paying for certain future post-secondary education expenses. Plan funds may be used to pay for tuition, fees, supplies, books and certain room and board costs. Withdrawals taken from 529 Plans for educational expenses are free from federal income tax. Since plans differ from state to state, review your state's 529 Plan details and ways to enroll online.
Custodial Savings Accounts.
A custodial savings account is an account that you establish for your child and retain control of until your child reaches the legal age of either 18 or 21, depending on the state in which you live in. Parents or relatives can easily establish an account under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA). By limiting the child's access to the account, funds are “secure” until the child is able to withdraw them. At that point, your child has complete control on how the money is spent. Since the money in a custodial savings account is considered an asset, it will impact his or her financial aid eligibility, making a Coverdell ESA or 529 plan more attractive.
Section 529 Plans are state college savings programs, including pre-paid tuition plans, that allow funds to grow federally tax-free for the purpose of paying for certain future post-secondary education expenses. Plan funds may be used to pay for tuition, fees, supplies, books and certain room and board costs. Withdrawals taken from 529 Plans for educational expenses are free from federal income tax. Since plans differ from state to state, review your state's 529 Plan details and ways to enroll online.
Custodial Savings Accounts.
A custodial savings account is an account that you establish for your child and retain control of until your child reaches the legal age of either 18 or 21, depending on the state in which you live in. Parents or relatives can easily establish an account under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA). By limiting the child's access to the account, funds are “secure” until the child is able to withdraw them. At that point, your child has complete control on how the money is spent. Since the money in a custodial savings account is considered an asset, it will impact his or her financial aid eligibility, making a Coverdell ESA or 529 plan more attractive.
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