There are a number of options available to start planning for financing college. Below are a few of the most popular options.
- 529 College Savings Plans - Income-tax free savings plan for college. Flexible but does not lock-in future tuition rates.
- 529 Prepaid Tuition Plans - Similar to 529 College Savings Plans, but lock-in the current tuition rate and grow at a the same rate as tuition.
- Credit Card Rebate and Loyalty Programs - Programs such as Upromise, BabyMint, and SAGE Tuition Rewards, that offer rewards towards college savings.
- US Treasury Savings Bonds - Series EE Savings Bonds, Series I Savings Bonds, Zero Coupon Bonds and Treasury STRIPS, and Treasury Inflation-Indexed Securities (TIPS).
- Coverdell Education Savings Accounts - Formerly known as Education IRAs, these savings accounts are also income-tax free.
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