PAYING FOR COLLEGE: SAVINGS
College Savings Timeline: New beginnings | Savingforcollege.com
by Kathryn Flynn
For those of you who are about to enter the world of parenthood – Congratulations! Believe it or not, this is the ideal time to start a college savings fund. Since your first tuition payment is 18 years away, you have plenty of time to take full advantage of an investment account like a 529 plan. Earnings will grow tax -free over the life of the account, which could amount to a substantial balance once the time for college arrives.
...it’s incumbent on parents who plan to pay for college to begin saving as early as possible. The benefits of doing so can have untold payoffs down the line.
Summer is an opportune time to save money for college and reduce college-related expenses.
Washington State aid program matches students' savings at 400% rate: college.usatoday.com
The university will now match some of its students' savings for educational expenses. WSU's new savings plan for low income students made the national news, and deservedly so. What a great way to help students AND encourage savings (something many college students need to learn!)
Serve with College Possible, a growing nonprofit that makes college admission and success possible for low-income students. Apply now for Fall 2016 positions.
New study from Fidelity shows why money for college makes a smart gift:
How soon will your kids lose interest in the toys they receive this holiday? Fidelity's Holiday Gifting Snapshot revealed 57% of parents think it will happen by July. And, according to the same study, an average of $691 will be spent on each child. That's quite a bit of money to spend on dolls or trucks that will be collecting dust at the bottom of the toy chest this summer. Wouldn't parents prefer their kids receive something more lasting and meaningful? The study shows they would. In fact, 87% of parents would welcome money for their child's future college education in lieu of traditional gifts.
Palouse Pathways, Inc.