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Their Future   |   Financial Aid   |   Repayment
Parents - Secure Their Future

Start a College Savings Account

All 50 states and the District of Columbia have plans that can help parents save for their children's college education. These plans can be a:
  • Prepaid tuition plan in which you make payments that are invested to cover projected tuition costs when your child is ready for college.
  • College savings plan to which you make regular contributions that are invested and can be used to cover more college costs than just tuition.
Some states offer one type, some offer both. For the plans available in your state, go to www.savingforcollege.com.

Tax Breaks

For college students and their families, the student loan interest deduction, Hope Tax Credit, and Lifetime Learning Tax Credit can help relieve the burden of paying for higher education, perhaps by as much as several thousand dollars. For more information, call the IRS Help Line at (800) 829-1040, read IRS Publication 970, or consult your tax advisor.

Updated: 7/23/2010
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