Saving for college
Teaching Pre K-8, May 2001 by Laminack, Lester
If you're trying to save money to pay your child's (or children's) eventual college tuition, there's a new book and website that offer suggestions and strategies. The Best Way to Save for College - A Complete Guide to Section 529 Plans and www.savingforcol lege.com are authored by Pittsford, NY accountant Joseph F. Hurley.
These sources provide a guide to the state-sponsored savings programs known as Section 529 plans. They are named for a section of the Internal Revenue Service tax code.
These plans come in two basic varieties. One is a pre-paid tuition plan in which parents lock in the current tuition rate and pay it in a lump sum or in installments. The second variety provides flexible savings plans that enable parents to save money in special accounts.
For more details on state-sponsored Section 529 programs, see www.collegesavings.org - a website which is run by the National Association of State Treasurers in Lexington, KY.
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