This presentation looks at some of the best ways to save for your child's education. To learn more visit www.adamkuettel.net.

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COLLEGE
SAVINGS
GUIDE

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OVERVIEW
Being a parent means making hundreds of
important decisions. You have to choose a
doctor, purchase the right home, pick the right
school… The list goes on and on.
“How should we save money for college?” is one
question that many parents have. The price of
college tuition is incredibly high and is expected
to remain expensive.
This presentation will help you decide how you
should save your money.

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START EARLY AND
ADD FUNDS OFTEN
Parents who start saving early see the best results with their money. In fact, it’s
never too early to start saving.
Even if you are only thinking about having children, it doesn’t hurt to start
saving.
The more money you have in the bank when your child enters school the less
he or she will have to borrow.
Also, when you start early the savings’ earnings will help fund the account over
time. If you wait until your child is in high school, though, you’ll end up having to
contribute more to the fund.

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529 PLAN FOR
COLLEGE SAVINGS
The most popular college savings plan is a 529 plan. Up to 12 million families in
America use it.
The money that you put into the plan grows without tax fees.
When the money from the fund is used to pay for college, you don’t have to pay
income taxes either.
You will face taxes, though, if you use the money for anything besides college
tuition and related expenses.
There are two different types of 529 plans: prepaid tuition plans and college
savings plans.

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HOW YOUR SAVINGS
AFFECT FINANCIAL AID
Even if you have a sizable college savings fund, you should still fill out the FAFSA
(Free Application for Federal Student Aid) every year.
The application takes into account your family’s income and savings, and it will
determine how much you have to contribute to pay for education.
Assets owned by children, like a Coverdell Education Savings Account, are
assessed at a higher rate than parent’s assets.
FAFSA doesn’t assess 529 plans owned by a grandparent until the funds are
used to pay for college expenses.

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KNOW THE LAW
Lawmakers are aware of how expensive college is, and many of them work to
reduce the cost through different laws.
It’s important to keep up with both the federal and state laws that relate to
college tuition.
Some states have different guidelines on how 529 plans can be used, how
much money can be contributed, and other related details.