Each and every year a college education for your children and or grandchildren becomes more unaffordable. That is why it is beneficial to begin to put money away for them for college while they are still young.
College will be paid for through a combination of scholarships, financial grants, loans, work study programs, the students earning and savings, savings created by parents, grandparents and other family members.
Currently there are three college savings plans. They are:
- Coverdell Educational IRA
- IRS section 529 College Savings plan
- Pre-paid tuition programs
