A 509 Is a Great Way to Help Pay for Higher Education
By Jenny Wilson, Financial Advisor, Central Bank
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Let's face it ... coming up with the money to pay for college is not easy. The cost of tuition, room and board, books, etc. goes up every year and as a parent you wonder how in the world will you be able to afford it. Well, I have some information that will help make that job a lot easier.
Obviously, the earlier you start saving for your child's higher education, the better. And one of the best ways to do that is to open a 529 plan.
A 529 is an investment account that allows you to earn money - tax-advantaged - to help pay for college. You simply open an account and make regular contributions to it over time. Any growth in the account based on how well your investment plan does is tax-free, if certain conditions are met.
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