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Education savings isn’t only for college. There are ways that you can invest to cover the expenses of your child’s K-12 education as well.

For a convenient comparison of savings vehicles, visit: http://www.savingforcollege.com/compare_savings_options/

Custodial Accounts

Funds can be used for any expense that benefits the child as long as it is not considered a routine expense that should be covered by the parent. Depending upon the kind of account opened and the state in which it is opened, the beneficiary becomes the owner of the account at age 18 or 21.

Educations Savings Accounts

Funds grow tax-deferred. The account can only be funded while the beneficiary is under the age of 18. All funds in the account must be used by the time the beneficiary reaches age 30.

529 College Savings Plans

Funds grow tax-deferred for higher education expenses. The control of all assets remains with the custodian not the perspective student. The student can be a recent high school graduate or an adult choosing to go back to school in their later years.

Please note, that all of these accounts can affect the beneficiary’s access to financial aid if held in the minor’s name or in the parent’s name.

For more information visit:
www.savingforcollege.com.


   


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