With many families welcoming a new school year this month, MarketWatch estimates that parents will spend more than $8.4 billion this year on back-to-school gadgets alone.
As costs rise just to get kids out of the door and into the classroom, it’s no wonder that Sallie Mae reported that only 50 percent of American families save for higher education. Additionally, of those polled, only one-third has a plan to pay for college.
Although these statistics are sobering, the importance of a college education as an investment in your child’s future is undeniable and there is no better time than now to start saving.
Where to start?
So often we hear from parents and grandparents from across the state that they want to start a college savings plan for their child or grandchild, but don’t know how. Regardless of where you are at in the process, how much –or how little – you have already saved, Edvest is here to help.
Before another school year slips away, we encourage you to start preparing. To learn more, visit Edvest.com and be sure check out our College Savings Planner. This tool will help you to estimate how much your child will need for school (based on current age, anticipated college/technical college/university and planned or existing college savings) and help identify the best savings plan to meet your financial needs and future goals.
Edvest College Savings Plan Fast Facts:
- Only $25 needed to start
- Open an account in minutes
- Visit com or call us at 1-888-338-3789
- Easy and accessible contribution options
- Contributions can be setup through an automatic contribution plan (ACP) from your bank account, electronic deposits or mail checks
- Relatives and friends can help
- Use eGift to invite family and friends to contribute at birthdays, holidays and graduations (Wisconsin residents may qualify for a reduction in Wisconsin state income tax)
- Wisconsin residents may reduce state taxable income
- Up to $3,050 per beneficiary in 2014
- Edvest is the fourth lowest cost 529 plan in the country.
- Lower fees means potentially more money is available for higher education
- Edvest received a 5-Cap rating from SavingforCollege.com.