Every wise parent prefers to save for his/her child’s college education right after the little one is born. It’s especially important today when college education costs are growing by leaps and bounds. Are you too looking for expert advice on saving to fund your kid’s college education? Well, the post below offers some helpful suggestions.
Follow the 2K rule
The 2K rule offers a systematic approach to save to fund for your child’s college from an early age. As per the rule, you will have to multiply your kid’s current age by $2K to find the amount you should start to save now. So, say your child is 5 years old. According to the 2K rule, you will multiply $2k by 5 which will bring to $10,000. It will be sufficient to afford 50% of the expense of 4-year in-state university when your kid will grow up.
There is a wide array of educational funds that you can count on. If you can start to save early, you will be able to cover at least 70% of your child’s university education seamlessly. You may consult Heritage Education Funds Representative Intranet here for further information on potential educational fund for your kids.
Look for company scholarships
You may not know but many local as well as Fortune 500 companies offer scholarship programs for bright students. Some of them especially offer to their staff & their families. However, there are many other companies that are also flexible to offer scholarships to general people.
Save in 529 Plan
Every American State allows saving in 529 plan. You will be glad to know savings in this plan comes with great tax credits for the parents. There is no limit on the contribution which is another plus on part of the program. In fact, US citizens can save in 529 plan in just any State.