While the 529 plan is known across the country as a college fund, there are various saving plans that encourage college students to take care of the fee later. These plans come with great investment options and are a great way to regulate the future education of your children. Each state has a different plan when it comes to college savings and here are the top 5 plans which will give you the best deals.
Louisiana START Saving Program
Catering to Louisiana state, the START Saving Plan is one of the most coveted plans for college students. The START Saving Plan aims to reduce the financial burden on parents once their kids graduate from high school by having a lump sum saved for them over time. This particular fund gives you the provision for using it in any college, whether it is in or out of state and also for private career forming institutes in the state of Louisiana.
South Carolina Future Scholar
When in South Carolina, the South Carolina Future Scholar Program is a sure shot way to save up enough for your child’s education. You can choose to invest through a single fund option, a target allocation option or an age-based alternative as well. The funds will vary as per your needs and you can find out how much to invest from their website.
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New York’s 529 College Savings Program
The New York’s 529 College Savings is one plan which is spread across the state for a lot of security. The best part is that it is not only parents who can make use of this fund but also grandparents as well as other guardians who would like to contribute to a child’s future. The New York’s 529 College Savings Plan also helps you make tax deductions and you can use it for any education, not necessarily a 4-year course.
Michigan Education Savings Program
This program is also a tax-exempted plan which helps you save up for the education of your children. The Michigan Education Savings Plan does not only specify the intended purpose of your money and can be used for more than just tuition fees. Another big advantage of this program is that you can use it for any eligible school across the country. With this plan, you also have the option to change your beneficiary and does not only need to be for the child you saved it up for. You can change it to the name of another child who wants to pursue education or any other eligible family member.
All of these individual plans are governed by the federal tax reserves of the states of which they are a part of. They are also further overseen by the mutual funds and stock companies that help constitute the plan. With a wide variety of investments available to choose from, you most definitely can pick the best option for your child’s secure future depending on the state you are currently residing in.
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