From HealthNewsDigest.com

Education
Now’s the Time to Start Saving for Her Future
By
Dec 14, 2016 - 9:00:34 AM

(HealthNewsDigest.com) - Whether your children or grandchildren are infants or in high school, it’s not too late or too soon to put money aside to help them achieve a great private college education. The holiday gift-giving season is a great time to start. It is also a good idea to make college education savings one of your 2017 financial resolutions.

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

Private College 529 Plan is not an investment account; it is different than a traditional 529 plan as families are pre-purchasing tuition. The prepaid tuition can be used at any participating school from Princeton to Stanford and everything in between. Participating schools include large research universities, liberal arts colleges, faith-based institutions and more.

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.

Private College 529 Plan accounts can be redeemed only for undergraduate tuition and mandatory fees. Therefore, it is a smart idea to invest in a 529 savings plan to help cover the cost of room and board, computers, books and other qualified education-related costs. If your child doesn’t go to one of the Plan’s schools, you can request a refund or use the funds for a relative’s education.

Tax Advantages

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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