There’s a smart way to save for college, and it looks like American families are finally catching on
|12/17/2018||Posted by BusinessMediaguide.Com under General World News||
- Nearly 30% of American families are now saving for college using 529 saving plans, according to a Sallie Mae report.
- The money in a 529 grows completely tax-free and can be withdrawn tax-free at any point, so long as it’s used to cover college tuition, fees, books, and supplies.
- The average savings amount in 529s nearly doubled from $2,820 in 2016 to $5,441 in 2018.
College is a costly endeavor, that’s no secret.
But paying for it doesn’t have to be a huge financial burden, so long as you’re saving the right way.