Creating a college fund for your children is an investment in the next generation’s future, and is more important than ever. A college education can cost a family up to six figures spread out over four years, but can cost a student strapped with debt even more over a much longer period of time post-graduation. Simply put, getting funding for college can be a daunting task. Landmark Bank understands this.
Luckily, Landmark Bank’s investments team is determined to help you find the most tax-effective way to help build your child’s college fund.
Why create a College Savings Plan?
Most American’s don’t have a college savings plan in place. With the interest rates charged on student loans today and the number of young Americans strapped with debt right out of school, many unable to obtain a mortgage and reap the benefits of their education, a college fund started sooner rather than later can help set the next generation up on the right foot when they enter the working world years down the road.
Reality is, a college degree is a baseline requirement for many jobs today, and a college savings plan can help your children realize their dreams.
First they’re walking, next they’re driving and then they’re flying away to college. What’s next? A college fund can help eliminate some of the financial burdens presented by a college education, giving the account holder significant tax benefits and earning interest rather than paying thousands in interest down the road.
529 College Savings Plan
A 529 is one of the most popular forms of funding for a college. A 529 College Savings Plan offers holders:
A 529 College Fund does not accrue federal taxes when distributions from the plan are used for qualified education expenses that include, but are not limited to: tuition, room and board, books and computers
A 529 College Savings Plan can be used at eligible colleges and universities nationwide for undergraduate, graduate, post-graduate and vocational degrees. Anyone who is a US citizen can make contributions to a 529 regardless of income level.
Other Methods for Funding College
Ready to help fund the next generation’s education? Landmark Bank’s experienced team of investment advisors will work with you to determine the most appropriate and effective way to build up a college savings plan for your child, including CD and investment options.
Let's Talk about a College Fund Today
Even if you have a new-born who can’t talk yet, they will express appreciation for their college fund years down the road. Creating a college fund may not be a high priority now, but planning funding for college well ahead of time pays off significantly.
Landmark Bank’s investment team is here to talk about college. Meet with one of our experienced advisors today to determine the next step in starting a college fund that will pay off big time in the future. It will be here before you know it.