It’s Never Too Late to Start Saving for College.
Saving for College is a year-round endeavor. No matter what time of year you’re reading this, it’s always a good time to start.
During spring, colleges and universities start ramping up for the annual contest of which school will get which graduating high school senior. It’s a fun and exciting time for most graduating students. But ask any parent who’s been through that, they may tell you it brings panic and worry about their kid leaving home while simultaneously trying to figure out a way to pay for it all.
When it’s time for your kid to leave for college, you don’t want to end up sweating like a student on test day who didn’t study for a final exam. That’s why it’s best to plan now. More and more parents are making early plans when it comes to their saving for their children’s college education. You’ll have a lot less to worry about and more time to live in the moment with all that enthusiasm, excitement and promise of new things to come.
A good way to get started is to look at an online college cost calculator. Seeing a realistic breakdown will give you a chance to estimate overall expenses for a particular school and will help you choose the best savings plan.
Once you have an idea of what the costs will be, it’s time to start saving. Here at St. Paul Federal Credit Union, we can help with Tax-Free College Savings.
Saving for College with a Coverdell Education Savings Account
Enjoy tax-free withdrawals for higher education expenses with a Coverdell Education Savings Account from St. Paul Federal Credit Union.
Once you open a Coverdell Education Savings Account, you’ll be able to make tax-free contributions of up to $2,000 per child, per year until the child reaches the age of 18. Another great reason to invest in a Coverdell Education Savings Account is the money you invest does not count against the maximum you can invest in your other IRAs.
If you’re needing to borrow money for college, you can find Private Student Loan Options at St. Paul Federal Credit Union – we can even consolidate existing student loans as well.
It’s never too early to start saving for your child’s education. Get started today with St. Paul Federal Credit Union!