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10 Best Ways to Save for College
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[QUOTE="Yusra3, post: 336882, member: 31907"] Utilize these college savings strategies well ahead of time to maximize tax benefits and investment growth. Every bit saved reduces reliance on student loans down the road. [B]1. 529 College Savings Plans [/B] These state-sponsored plans offer tax benefits and flexible investment options for education savings. [B]2. Coverdell ESAs [/B] Though contributions are limited to $2,000 annually, earnings can grow tax-free in these accounts if used for college. [B]3. Custodial Accounts[/B] Investments under UGMA and UTMA accounts grow tax-free and transfer to the minor's control at adulthood. [B]4. Roth IRAs[/B] Retirement and college savings can be combined by withdrawing Roth IRA contributions tax-free for education. [B]5. Taxable Investment Accounts [/B] Though not tax-advantaged, these give unlimited investment choices and no withdrawal penalties. [B]6. Retirement Account Withdrawals [/B] Limited penalty-free withdrawals can fund college from 401(k)s, IRAs and other retirement accounts. [B]7. Home Equity [/B] Second mortgages or lines of credit can use home equity to pay for college debt-free. [B]8. Cash Value Life Insurance [/B] Build education funds in permanent life insurance policies that earn interest over time. [B]9. CDs and Money Market Accounts [/B] Though returns are modest, these savings vehicles are very low risk. [B]10. Rewards Credit Cards [/B] Rack up points, miles and cash back to offset college costs using student cards responsibly. [/QUOTE]
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