Tip of the Day
Make saving, not borrowing, your first choice for paying for college. "Planning and saving for college should be something parents begin when their son or daughter is still in diapers," said Kirk Daniels, a supervisor in the FDIC's consumer affairs section. "College loans can be costly, and the easiest way to avoid those costs is to have your own college savings fund."Starting a college savings account, such as a state-sponsored "529 Plan," allows families to maximize growth in a tax-advantaged account and reap the benefits of compounding small amounts of money into a large sum when the child graduates from high school. Investment advisers also recommend setting up an automatic investment plan through your bank account or paycheck to encourage systematic savings.
Top Authors