Tanza Loudenback, provided by Published 10:30 am EDT, Saturday, April 20, 2019 MediaNews Group/The Mercury News via Getty Images/Contributor With the costs of attending college higher than ever, it's important to start saving fpr college as early as possible. Erika Safran, certified financial planner and principal at Safran Wealth Advisors, says anyone saving for college should invest in a 529 plan, set up automatic contributions, and ask friends and family to donate. 529 plans are state-sponsored, tax-advantaged investment accounts that anyone can open and contribute to. Annual contribution limits are high for 529 plans, and the money grows completely tax-free and can be withdrawn tax-free at any point, so long as it's used to cover college tuition, housing, fees, books, and supplies. Visit BusinessInsider.com for more stories. College has never been so expensive. As with most things, the earlier you start saving for a college-bound kid, the better. The annual … [Read more...] about How to start saving for your kids to go to college, in 3 steps
How america saves for college
Susan Tompor Detroit Free Press Published 7:00 AM EST Dec 1, 2018 The last place many parents would look for ideas on how to save money for college is their workplace. After all, connecting with a 529 college savings plan is not exactly your typical job perk. Many young families don't even use 529 plans for college savings. About 45 percent of parents use an old-fashioned savings account to put aside money for college – making the low-risk, low-return accounts the most commonly used strategy, according to the 2018 "How America Saves for College" report by Sallie Mae, a provider and servicer of private student loans. Only 29 percent use the next most popular investment vehicle, tax-advantaged college 529 plans that offer a mix of stocks and bonds. Many times, families don't even know how to open a 529 plan, according to Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com. But more … [Read more...] about Saving for college: More employers promote 529 plans.
Karen Herzog Milwaukee Journal Sentinel Published 6:00 AM EDT Oct 18, 2018 Families spent an average of $26,568 for a year of college in 2017-'18, and nearly half of that came from income and savings, according to the latest national "How America Pays for College" report from Sallie Mae. The annual report suggests parents are paying slightly more out of pocket for their kids' undergraduate education — including room, board and fees — and students are borrowing less. That's occurring amid continued concerns over how much student loan debt young people should carry out of college. Last year, 34 percent of costs were covered by parent income and savings — averaging $8,891 — while 13 percent of costs — an average $3,339 — was picked up by student income and savings. More than half of families borrowed for college, according to Sallie Mae, which originates, services and collects private education loans. The company also provides college savings and … [Read more...] about College savings: Students are borrowing less as parents pay more
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Susan Tompor Detroit Free Press Published 11:30 p.m. UTC Jul 19, 2018 Back in 2009, college students seemed to have a love affair going on with their credit cards. About 84 percent of college undergraduates had at least one credit card, according to a study then from Sallie Mae. Seniors were graduating with an average credit card debt of more than $4,100 in 2009, up from about $2,900 in 2004. By 2016, only 56 percent of college students were carrying credit cards, according to another Sallie Mae report called "Majoring in Money." Credit was tougher to get after the financial fallout and more restrictions were put in place in 2010 when it came to issuing credit cards to consumers younger than 21. Lately, college students are seeing offers pop up in the mail from cards, like Discover it Student Cash Back, or credit card offerings from their own banks or credit unions. Credit is out there, possibly with a parent as a cosigner. "Banks are sending card offers … [Read more...] about 5 tips if you’re packing a credit card for college