Now’s the Time to Start Saving for Her Future
Dec 14, 2016 - 9:00:34 AM
One way to energize your savings is with a prepaid tuition plan that lets your family save on the cost of college by locking in tomorrow’s tuition at today’s prices. By using Private College 529 Plan, your tuition is guaranteed no matter how much rates increase over the years or how investment markets perform. Use the guaranteed tuition at an ever-growing list of close to 300 private colleges and universities, including many of the nation’s top-ranked schools.
Save on College Costs
Families can potentially save thousands of dollars by prepaying, which can expand a student’s range of potential schools to institutions that might once have seemed beyond a family’s means. For example, assume a year of tuition at a particular university is now $35,000. If tuition rises 4 percent a year for 10 years, tuition would be $57,000—offering a savings of over $20,000. These savings can give the child more options. You do not commit to any particular school until the student enrolls. Participation in the Plan does not guarantee admission to any college or university; nor does it affect the admissions process.
The Plan is sponsored and guaranteed by the nearly 300 participating colleges and universities—not the government. Since the schools bear all the financial risk and pay all the fees, you get the most for your money.
Congress authorized 529 plans, including Private College 529 Plan, to help families save for college. While you don’t get a federal tax deduction for contributing, the increase in value of your account is tax-free if you spend the money on qualified college expenses, such as tuition. More than 30 states allow tax deductions or credits on state returns. There are estate-planning benefits, too. Contributions are considered completed gifts and qualify for annual gift tax exemptions. You can even front-load your account with five times the annual gift exclusion and remove that amount from your estate. There are no income limits for account owners; and the Plan’s contribution caps are very generous, currently $265,400.
To learn more or open an account, visitwww.privatecollege529.com/prepay or call toll-free (888) 718-7878.
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