Determining how to pay for college education expenses for your children can cause headaches for some parents. One solution that helps to pay for a university degree is a 529 college savings plan from www.gradsave.com. Having a solution can bring you one less thing to worry about in terms of giving something to your children that provides for great potential in their lives.
Trying to come up with the money to cover your children’s educational expenses can seem like an unreachable goal for many people. However, Grad Save has come up with a method to help ease the difficulty factor of building a cache of money for educational expenses. In effect, the company provides a way for parents to start a ‘registry’ for a 529 college savings plan, where family, friends or anyone can contribute.
How to setup a free registry account:
- Visit their website and online portal to read up on their service
- Create your free account
- Share the savings plan account information with family and friends
- Contribute money over time
- Track the growth of the 529 plan
- Watch the college savings account grow.
It is easy for family and friends to contribute money to your child’s 529 plan. They can contribute a little over time, or can gift in one lump sum. You can broadcast your child’s profile to interested parties across the internet or give them the website information the old fashioned way, by phone or mail. They will need to visit the Grad Save website in order to contribute.
When your child is ready to attend a university for a higher education, they will be able to use the money and funds to pay for their necessary expenses such as books, class tuition, room expense and more. As long as the monies are used to pay for qualified college expenses, the the money withdrawn from the 529 college savings plan is utilized tax free.
Disclaimer: Nothing in this post is a substitute for professional financial or tax advice. See your CPA or finance professional for advice and specific information on how 529 plans work.