A primary investment goal for many here at SI is college savings. In the past couple of years, changes in the law have made new strategies available to reach that goal. Section 529 plans are available in most states, Education IRA's now have a much higher maximum per child, and in some income brackets there is an opportunity to get credits for certain contributions toward your kid's college expenses. An old strategy, UGMA/UTMA accounts, has largely fallen out of favor due to the availability of these new plans.
The whole subject of college savings is also a minefield. There are a whole bunch of different plans available, some cannot be used in combination, others cost you when it comes time to apply for financial aid, some cannot be used at all schools, virtually all have a restriction on how much you can contribute, and some are transferable without penalty while others are not.
This thread is for the discussion of college savings strategies, rules, plans, recommendations, etc. I plan to update this header to make it more of a resource, so any links to good information resources would be appreciated. |
