College costs rise every year. The price for 4 years of college, even with an in-state discount at a public college, is around $100,000 and costs for many private colleges average much more. Vocational training for everything from culinary arts to plumbing may cost less, but still requires a significant investment.
Lowell Five can help with options for saving for qualified education expenses.
- A 529 Plan helps parents and others save for the payment of a child’s qualified education expenses. 529 plans allow parents, grandparents and others to save for qualified educational expenses, such as tuition, fees and room and board. This money grows tax free, but must be spent on educational expenses. With an employer-sponsored plan, your contributions can be deducted directly from your paycheck, making it easy to save. You’ll still control your own funds, though.
If you’re not sure which might be the best option for you and your family, talk with Lowell Five. We can help estimate how much to save for education, if you’re making the right contributions, and options for achieving your educational funding goals.
Education Savings Considerations:
- Calculation of education goal needs
- Education goal and saving need analysis
- Education Funding options
- Financial aid and college costs
The products offered: (i) are not FDIC insured; (ii) not deposits or obligations of Lowell Five Bank or its affiliates; (iii) not guaranteed by Lowell Five Bank or its affiliates; (iv) not insured by any federal government agency; (v) may go down in value.