Take Time To Review College Savings Strategies

Mother and young daughter looking at digital tablet

A statistic worth studying: Over 60 percent of teens expect to need student loans for their future college costs.

(NAPSI)—If you’re like 89 percent of parents, you believe paying and saving for college is an investment in your children’s future, a survey by Sallie Mae suggests.

Your kids probably agree. Ninety-three percent of teens indicated that college savings planning was important to them and 83 percent personally conducted research to learn about the best ways to pay for their college education, reports Private College 529 Plan’s (PC529) Teen College Savings Barometer Survey, conducted by ORC International.

With that in mind, whatever your children’s ages, giving your family’s college tuition planning and savings strategy a year-end checkup is a little like visiting your doctor to ensure your health is in order for the New Year.

Reviewing your general saving, investment and college saving plans with your financial adviser can give you peace of mind that you have the right resources in your plan to keep your financial goals on course for the year ahead.

To help save on the cost of private higher education, PC529, owned and operated by more than 275 private colleges and universities, lets families secure tomorrow’s tuition at today’s prices. The only prepaid plan for private school tuition, it offers built-in rewards for starting to save as early as possible.

These tips from Nancy Farmer, PC529 president and former Missouri state treasurer, may also help families bolster the financial fitness of their college savings fund:

• Set up a direct-deposit account for tuition so the money is saved automatically.

• When childhood milestones occur, such as no longer needing diapers, put that extra money toward college savings.

• Allocate part of your tax refund to your college tuition savings plan.

For more information about the plan, visit http://www.privatecollege529.com/. An overview of different college savings options, PC529 member school profiles, account owner testimonials and more can be found athttp://www.tomorrowstuitiontoday.org/.

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