High school seniors and their families are entering a busy time of year, packed with college admission and financial aid deadlines – all while trying to make a plan to pay for a college education. But even if you don’t have a student entering college next year, it’s never too early to start saving for your child’s college education.
One of the most well-known options to save for a college education is through a 529 College Savings Plan. These savings plans are typically operated by states or educational institutions, and help families set money aside to use in the future for college tuition expenses.
Savingforcollege.com recently released its quarterly rankings for the top performing 529 plans, with the District of Columbia, Tennessee, and New York topping the list. While 529 plans are a popular method for saving for college, there are several other ways families can set money aside for the future. To help students and parents better understand their options, NASFAA has prepared a variety of resources to help students and parents navigate the process, including a chart that compares different savings plans, resources that explain how students may be able to get credit for training or prior learning, and a guide that outlines the federal tax benefits available for higher education.
“A college education is increasingly important in today’s economy, but many students and families often struggle to afford the cost of college,” said NASFAA President Justin Draeger. “NASFAA encourages students and families to begin their financial planning early. Even saving a little bit can have big impacts on college-going behavior, not to mention defray future costs down the road.”
To request an interview with a NASFAA spokesperson about saving for college and financial aid, please email email@example.com or call (202) 785-6959.
The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents more than 20,000 financial aid professionals at nearly 3,000 colleges, universities, and career schools across the country. NASFAA member institutions serve nine out of every ten undergraduates in the United States. Based in Washington, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. For more information, visit www.nasfaa.org.
Publication Date: 11/28/2016