
A. The following are the common ways to save for college.
- 529 Savings Plan
- Coverdell Education Savings Account (Coverdell ESA)
- Cash value life insurance
- Prepaid Tuition Plans
- Roth IRA
- Traditional IRA
- Uniform Gift to Minors Account/Uniform Transfer to Minors Account (UGMA/UTMA)
- United States Savings Bonds (Series EE and Series I Bonds)
For each of the above mentioned method of saving for college, we will have a blog post to discuss the following aspect of the method:
- What is it?
- Who is the owner?
- Who is the beneficiary?
- What's the contribution limit?
- What's the tax treatment?
- Where to open the account?
- What are the investment choices?
- How to use the funds?
- What's the impact on financial aid?
- What if the fund is not used for college?
- Is the account transferable?
- Other important factors to know