Saving For College

 

At some point in time we all face the painful process of paying for a higher education, whether it be for ourselves or saving for college for our children. As tuition continues to climb, student loans prove to be difficult to payoff; even at a modest rate. Even worse, a huge portion of the population will opt not to attend college solely because they feel they can't afford it.

For this reason I began to research ways to save for my future children's college, hoping to lift as much of the financial burden as I can. During my research I discovered the 529 College Savings Plan, a plan with tax advantages to remove some headwind faced when saving over the long-term.

As great as that sounds, I quickly discovered the decision becomes a little more complex than that. These funds are often sponsored by your particular state and there can be numerous plans to choose from.

As of right now I do not have any children, however I chose to open a Upromise account roughly about 11 months ago because I feel they make the process very simple for my circumstance. Upromise gives you the option to open a savings account or a 529 College Savings Plan with various ways to help you stack on the cash. The most lucrative of which is the Upromise Mastercard that allows you to earn 1% on all purchases and up to 10% depending on what you're purchasing. It gets better though, for those who aren't looking to open a new credit card, you can link your current cards to receive a percent back from select retailers such as Amazon, Apple, Barnes&Noble, Toys/BabiesRUs, Kohls, and loads more AND receive college credit with things as simple as coupons.

 

I encourage each of you to do your own research on the topic to see which plan works best for you. Join me in trying to fund our future generations education.

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