Savings Program

programs to save money for college

financial aid types

State 529 Plans

  • savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses"
  • family member setup and make contributions to a fund with a States that sponsors 529 College Prepaid Tuition and/or Savings Plans
  • see this 529 center for state-by-state information

financial aid types

IRA Withdrawals

  • you can make withdrawals from your IRAs for qualified higher education expenses without having to pay the early withdrawal penalty tax as long as the cost does not exceed the qualified expenses for college.
  • You will owe income tax on at least part of the amount withdrawn.
  • more information from the IRS web site
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