{"id":21027,"date":"2019-01-18T22:46:19","date_gmt":"2019-01-19T05:46:19","guid":{"rendered":"https:\/\/preemietwins.com\/?p=21027"},"modified":"2022-06-04T06:53:54","modified_gmt":"2022-06-04T13:53:54","slug":"the-best-way-to-start-saving-now-for-your-childs-college-education","status":"publish","type":"post","link":"https:\/\/preemietwins.com\/the-best-way-to-start-saving-now-for-your-childs-college-education\/","title":{"rendered":"The Best Way to Start Saving Now for Your Child’s College Education"},"content":{"rendered":"
Your child may be years away from college, but it’s never too early to start saving. We’re showing you the best way in this post.<\/p>\n
College educations are nearly essential these days. In fact, there are over 5,000 colleges <\/a>for your child to choose from!<\/p>\n More education means higher gross income for your children once they graduate, too.<\/p>\n Are you curious to know more about the best way to start saving for your child’s future?<\/p>\n Keep reading as we outline the various options you have to pick the best college savings plans for your child or children.<\/p>\n \nMoney stored in this savings account will grow tax-free. All you need to do for the initial set-up of an ESA is deposit $2,000 into the account.<\/p>\n Keep in mind when you start an ESA account at the time of your child’s first birthday, you can save for 18 years and accumulate $36,000 for your child to use for college.\n<\/p>\n \nAnother option to help your child save up for college<\/a> is by using a 529 College Plan. Depending on the state you live in, you may withdraw money out of this account for your child to use to pay education expenses.<\/p>\n 529 College Plans also include higher contribution rates. You can contribute up to $300,000 into one account over time.<\/p>\n Let’s say your first born child<\/a> decides not to attend college. The money and investments made with this account can be transferred over to another beneficiary. These plans also grow tax-free.\n<\/p>\n \nThe LEAF<\/a> program allows family and friends to donate money to an account set up for your college-bound child.<\/a><\/p>\n These generous gift cards can be transferred over to any 529 college plan in your child’s name.<\/p>\n Even as toddlers, doting grandparents can send their grandkids money during the holidays and these funds can be used to cover college expenses when the time is right.<\/p>\n Instead of brand new shiny toys, try to encourage your friends and family to donate to a gifting program to help you secure the funds necessary to send your child to his or her dream school.\n<\/p>\n \nOne more option for you to consider as a method to pay for college is the student loan route. If you do not meet the semester requirements to pay for college out of pocket, your child may need to take out loans.<\/p>\n Loans need to be talked about with your child because his or her name will also be attached to the loan after graduation.<\/p>\n1. The Best Way to Save For College: Education Savings Account (ESA)<\/strong><\/h2>\n
2. 529 College Plans<\/strong><\/h2>\n
3. LEAF College Savings<\/strong><\/h2>\n
4. Student Loans<\/strong><\/h2>\n