Did you ever think that planning for college should happen when your children are in high school and preparing for SAT testing?
Well, it may be in your best interest to begin thinking about college in a subtle yet prepared way as early as possible. Our family includes 3 little ones still in elementary grades, but we do have to take into consideration that we may be sending two children off to college at the same time…. as many parents of multiples or close in age have to.
We had the privilege of spending the afternoon at the Art Farm in NYC. The kiddos explored the studio, created art work and met some amazing animals & reptiles. Hey, perhaps they’ve nailed their future profession in this day?!
After sitting down with the knowledgeable team of NYSaves.Org and cross examining all of the options that even include Financial Aid I’ve learned a few tips which will set our family in the right direction.
First a little about NY’s 529 Plan; its a college savings program direct plan for saving for tuition, certain room and board fees, books as well as other higher education expenses. Parents, grandparents, aunts, uncles or even friends can save in the Direct Plan including individuals out of state. The annual asset based fees are only 0.13% of the accounts assets, no charge for maintenance fees.
The owner of the account is eligible for the New York State Income tax deduction. Annual tax deductions may vary Dependent on contributions as a couple. (noted up to $10,000)
– No minimum investment
-3 age based options : from less to more conservative investments as the future student gets closer to college age.
-13 individual portfolios that can be used to create and manage your own mix of investments.
Disclosure: This is a sponsored post yet all opinions and experiences are of my own.