I know there are plenty of parents out there that are saving to pay for the college education of their children. First of all, I think that is a noble and honorable thing to do and I applaud parents who are doing it. Your children will be better off because of your intuitive thinking and fiscal intelligence.For the parents who are currently saving, or for the many that are considering it, I wanted to bring your attention to 529 Qualified State Tuition Plans. Defined by the Securities and Exchange Commission, 529 plans are a tax-advantaged savings plan that is designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
There are two types of 529 plans: pre-paid tuition plans and college savings plans. All fifty states and the District of Columbia sponsor at least one type of 529 plan. In addition, a group of private colleges and universities sponsor a pre-paid tuition plan.
Robert Shipley Jr. over at 529 Solutions, has made the process easy for those who want to learn more, or are ready to open an account in their state. Just select the link below or go directly to the website found here.