These 4 accounts will help you ease the pain of paying for college, KennyPolcari says. investinyou (In partnership with acorns.)
According to Polcari, this is the most effective way to save for college. The 529 college savings plan allows families to save after-tax dollars, have that money grow tax-free, and then use the money towards qualified expenses. Qualified expenses include things like tuition, room & board, books, computers and tutors. It's critical that money taken from a 529 plan is only used towards qualified expenses.
Most states offer a 529 plan, but not all are created equal. You do not have to use the 529 plan offered by the state you live in. You can choose to use a different state's 529 if it suits your needs better. College is stressful, but contributing to one of these plans early can make paying for school less stressful. It is important to weigh your options and pick the plan that best suits your needs.
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