COLLEGE
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Saving for college can be a daunting task, but the sooner you start the easier it will be.
A little warning up front:  All investments carry some risk, investigate all your decisions
carefully.  The financial markets change rapidly, so today's good advice might be terrible
tomorrow. 

What our family does:  We invest in mutual funds bought directly from the companies to
avoid brokerage fees.  We put in a small amount monthly to "dollar cost average" 
which just means when the stocks are up you buy less, if they are down, you get more shares.   With a long term investment you will get the mean low price.  The other
thing we did was register with .   It's a great program that takes a percentage
of certain everyday purchases and puts it in a Upromise account that can be transferred
to a 529 college plan quarterly.  There are lots of companies contributing and you
can have friends and family also contribute.  For an article with more details click here.


Many states have  instituted great programs to help parents pay for college.  They all vary
substantially so look for your state.  Some states allow investments from any part of the
country.  Most have good tax breaks.   They allow the money to grow without taxes and
they also allow the money to be taxed at the student's rate when it is taken out.   They also
allow very low monthly installments so that it is easy for parents to start.  Most have
withdrawal penalties.  SO READ EVERYTHING CAREFULLY.  Some states, such as Colorado,
have a pre-paid tuition plan. 

Every state in the union has a college savings plan.  Since many plans
allow savers from any state,
check all those available to find one that suits you best.

ALABAMA

ALASKA

ARIZONA

ARKANSAS

CALIFORNIA

COLORADO

CONNECTICUT

DELAWARE

FLORIDA

GEORGIA

HAWAII

IDAHO

ILLINOIS

INDIANA

IOWA

KANSAS

KENTUCKY

LOUISIANA

MAINE

MARYLAND

MASSACHUSETTS

MICHIGAN

MINNESOTA

MISSISSIPPI

MISSOURI

MONTANA

NEBRASKA

NEVADA

NEW HAMPSHIRE

NEW JERSEY

NEW MEXICO

NEW YORK

NORTH CAROLINA

NORTH DAKOTA

OHIO

OKLAHOMA

OREGON

PENNSYLVANIA

RHODE ISLAND

SOUTH CAROLINA

SOUTH DAKOTA

TENNESSEE

TEXAS

UTAH

VERMONT

VIRGINIA

WASHINGTON

WEST VIRGINIA

WISCONSIN

WYOMING

 

Is it too late?? Your child is already in college?  At least save on Textbooks.  They are in many
cases more expensive than tuition.  Buying in the college bookstore is probably the most expensive place to buy them.  Try
TextbookX.com  we have found a good selection and great prices for our college student.  You can also sell your used books here.
 

Fast Web is a must for Jr. High and up students.  It is a free scholarship search and
has hundreds of scholarships listed. 

For more information from a person who has heavily investigated saving for college, I also
recommend the book The Best Way to Save for College by Joseph Hurley.

 

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