One of the first things you should do when you have a child—or even before—is to set up a 529 college savings account. Earnings from money in a 529 plan are not taxed as long as they go towards qualified education expenses. But the maintenance fees can add up over time. You can expect to pay .25-1.04% over ten years for Fidelity plans, for example.
The following tools can help you pick the lowest-cost plan for your child:
- Your Money Guide: Paying for College | New York Times
- Compare 529 Plans | SavingForCollege.com
- College Calculator | SavingForCollege.com
- College Cost Calculator | New York Times
How to Find the Right 529 Plan With the Lowest Fees | New York Times
(photo: michaelk.sutton)
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