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9. Financial Planning > Let Me Count the Ways to Save for College

Let Me Count the Ways to Save for College

Who says the government isn’t on your side? Federal law and state savings programs provide liberal tax breaks and multiple ways to save for college.

For parents with kids destined for college, the 2001 Tax Relief Act was like the best Christmas and birthday presents rolled into one. A sweet deal to start with, college savings plans got even sweeter. Now, you can save money for college through a Section 529 Plan and withdraw money tax-free through 2010. Legislation enhanced Coverdell Savings Accounts, raising contribution limits and relaxing rules. Take advantage of these college savings options to make the most of your college savings:

Section 529 prepaid tuition plan

Sponsored by states and some private colleges, you prepay future tuition and fees at today’s prices. The cost depends on the age of the child enrolled.


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