How to Save For College to Help Lower the Total Financial Burden

With the expense of a college education on the rise and student loan debt seemingly doubling every other year, it is vital – as a parent or future student – that you create a financial game plan. 

Open a Coverdell Education Savings Account (ESA)

Another great way to begin saving for college is with an Educational Savings Account (ESA). Only individuals earning between $95,000 – $110,000 and couples earning less than $220,000 can contribute. 

UTMA/UGMA Custodial Accounts

Outlined in the Uniform Transfer to Minors Act and Uniform Gift to Minors Act, these custodial accounts allow you to save money specifically for the beneficiary (your child or minor).

Create a 529 College Savings Plan

Opening a 529 College Savings Plan is the most popular way to build up a college savings in the United States. Like some investment vehicles, a 529 plan allows you to make after-tax contributions.

Money Saving Alternatives to College

Want to know how electricians, plumbers, and select contractors all got their start? At a trade school! Believe it or not, these are all in-demand lucrative professions and can make quite a bit of money right away. If you like hands-on work and interacting with clients daily, then a trade school may be the perfect fit for you.  

Consider a Trade School

Money Saving Alternatives to College

Though online programs pricing differs per institution and state, it provides you with numerous benefits. If you want a self-paced educational experience, then starting an online program is the best option for you.

Sign-Up for an Online Program

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