Tips You Can Use To Get the Best College Education Savings Account

Its September again and we're here to remind our dear parents and students of how

important and expensive college is and hence the need to save money is by far mandatory. Since we're here to learn how to get the best college education plan, let's move on.

The best time to start saving is today, when your kids are still attending their elementary or middle school years. To know how much you're supposed to save, you can use a simple calculator at findaid.org. You just have to enter the school's name, expected annual tuition free increase percentage and for how many years left before enrolling in college.

Here are few samples that we did. You'll need roughly $14,333 for each kid taking a four-year course in a state college. If your child chooses to go private, then you'll need an average of $34,132. It doesn't end there because you also need to consider the annual tuition fee increase. Let's say its 6% for 18 years can loosely amount to $178,970 and $426.194 for two assumptions respectively.

A recent study conducted by U.S. Department of Education's National Center for Education Statistics revealed that only 36% of the freshmen who enrolled in 2000-2001 school year have actually graduated with a 4-year degree course due to the high costs of college education.

In an attempt to ward off the increasing college dropouts, Pennsylvania adopted the use of 529 Guaranteed Savings Plan. Both the states of Texas and Alabama have implemented the same tuition plans, but still struggling.

College plans were not designed to be functional in less than a year or so. It's crucial for parents to understand that these plans will have to be implemented long before college life begins. It's certainly is irritating and annoying of trying to find money right now to pay for college. Why not start saving money right after your child is born. Open a savings account, dose it with regular deposits and overtime, you'll have enough money to send him to college.

At present, 529 Plans are the safest way to save money for college because it's backup by your state or any educational institution created to help families like you. Your state must have its own set of regulations when it comes to its implementation but generally offers the same benefits regardless of your where you are.

Basically, you just need to open a 529 Plan account with minimal deposit and to work on it regularly. If other family members and friends are interested in helping you, 529 can also accept gift contributions that will be deposited to your account. Once your kid is ready to attend to college, he can use the saved funds to finish his schooling. Lastly, 529 Plan will not void any chances of your kid receiving college financial aid.

Tips You Can Use To Get the Best College Education Savings Account

By: Camoren Dicosta

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