Being able to pay for your own education, or to send your children or grandchildren to college is a goal for many. In the college savings game, it’s important to remember that not all strategies are created equal. Let’s work together to create a savings plan to help make this dream a reality.
Our financial advisory team can help you to put together a savings plan that offers a combination of tax advantages, financial aid benefits, and flexibility to meet your investment needs. Some of the best ways to save for college include:
529 College Savings Plans — There are two types of 529 plans: college savings plans and prepaid tuition plans. Both are governed under Section 529 of the Internal Revenue Code but are very different college savings vehicles.
Coverdell ESAs — A Coverdell education savings account is a tax-advantaged education savings vehicle that lets you save money for college and public, private or religious elementary and secondary schools (K-12).
Custodial Accounts — These allow your child to hold assets under a designated custodian that he or she wouldn’t be allowed to hold in his or her own name. The assets can be used for anything that benefits the child.
U.S. Savings Bonds — Series EE and Series I bonds are types of savings bonds issued by the federal government that offer a special tax benefit for college savers.
The more money you save now, the less you or your child will need to borrow later.
Each year, the Chelsea Groton Foundation awards $500 scholarships to local high school seniors planning to pursue a college education. Students should visit their school guidance office to learn more about the Foundation’s scholarship program and to pick up an application.
Thousands of New England residents are able to enroll at out-of-state New England public colleges and universities at a discount. Find out more at New England Board of Higher Education.
Looking for financial aid for college or grad school? Learn about Federal Student Aid-FAFSA.