Tips for savings for college
September 4th, 2009
Tip #1: The best way to save for college is to put money in the most effective place to build wealth the fastest. That often means maximizing our contributions to our 401(k) or IRA. Money saved in a 401(k) or IRA can be used to pay for college and under current law does not reduce eligibility for financial aid.
Tip #2: The best way to pay for college is to take the money from the most effective source with the least impact on your wealth. That may mean using government subsidized loans and tax credits, paying out of current income or pulling equity out of your home.
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