College Funding
Funding College the Smart Way
Now is always the right time to learn about college preparation.
Overview
Mastering college funding
Investing in your child's education is a significant financial commitment. With careful preparation and foresight, you can support their future and manage any debt needed for schooling.
The power of college savings vehicles
Discover the benefits and flexibility of 529 plans*, Coverdell ESAs* and other choices. These accounts offer tax advantages that can help set your child up for success.
Estimate college costs with confidence
Use the calculator below to estimate future education expenses based on current trends, then set realistic goals and stay on track.
Understanding the expected family contribution
The Expected Family Contribution is a fundamental concept in college funding. Learn how it influences aid eligibility and how to manage it.
Goal-setting for financial success
Use current tuition and fee trends to establish attainable milestones aligned with your child's aspirations.
Calculator
College savings calculator
Every dollar set aside today reduces the debt burden on your future student tomorrow. Use this to visualize your progress and identify the best path forward.
Savings when college begins
$101,721
Projected four-year cost
$210,622
Projected savings gap
$108,901
Your options
Explore a variety of college savings choices
Discover the benefits of 529 plans*, Coverdell ESAs* and more for your child's education.
Open a 529 savings plan*
Funding your child's collegiate education can be one of the most important decisions you make.
Put money into eligible savings bonds
Savings vehicles are one of the many strategies we employ on behalf of our clients.
Start a Roth IRA as a college fund
Leveraging a Roth IRA to help fund higher education is often overlooked despite its efficiency.
Encourage loved ones to help
Establishing clear directives can help family members contribute to your child's journey.
The Expected Rate of Return is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments. This worksheet provides estimates based on certain assumptions, including the rate of inflation. The results are not a guarantee of performance, specific investment advice or a forecast.
*A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. The state tax treatment of 529 plans is only one factor to consider before committing to a savings plan. Also consider any fees and expenses associated with a particular plan. Whether a state tax deduction is available depends on your state of residence. Earnings on nonqualified distributions will be subject to income tax and a 10% federal penalty tax.
Contributions to a Coverdell ESA are not tax deductible, but the account accumulates on a tax-deferred basis. Withdrawals are not taxed when used for qualified education expenses. Contributions may be made until the beneficiary turns 18, and the money must be withdrawn when the beneficiary turns 30, or taxes and penalties may occur.
Roth IRA contributions are phased out for taxpayers with adjusted gross incomes above a certain amount. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½.