KEYC - A 529 Plan Can Do More Than Aid In College Expenses

A 529 Plan Can Do More Than Aid In College Expenses

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MANKATO , MINN. -

With colleges about to begin a new year, families might be looking for a way to save some money.

Many students look to scholarships to help, but titling your assets could help you with costs.

5.64% is what the expected family contribution would be if it's listed under a parent's name, as opposed to 20% if under a student.

Along with budgeting, creating funds early on are other ways to lower rates, including one that will help with taxes.

Sweet Financial Services Wealth Advisor Amber Knips said "One of the best accounts to use for saving is a 529 account. What's nice about this account is that the assets grow tax–free. So, if you are able to start at a young age or if your parents were able to start for you, that can turn into a really nice tax savings once you're ready to you know, go to college."

For more information on how to set up a 529 or choose a college plan that's right for you, you can visit investinginpotential.com

-KEYC 12