Sending Kids To College
Being able to send your children to college is a priority for many parents. In the college savings game, it's important to remember that not all strategies are created equal. Let's work together to create a savings plan to help make this dream a reality.
Chelsea Groton Financial Services can help you to put together a savings plan that offers a combination of tax advantages, financial aid benefits, and flexibility to meet your investment needs. Some of the best ways to save for college include:
- 529 College Savings Plans – There are two types of 529 plans: college savings plans and prepaid tuition plans. Both are governed under Section 529 of the Internal Revenue Code, but are very different college savings vehicles.
- Coverdell ESAs – A Coverdell education savings account is a tax-advantaged education savings vehicle that lets you save money for college and public, private or religious elementary and secondary schools (K-12).
- Custodial Accounts – These allow your child to hold assets under a designated custodian that he or she wouldn't be allowed to hold in his or her own name. The assets can be used for anything that benefits the child.
- U.S. Savings Bonds – Series EE and Series I bonds are types of savings bonds issued by the federal government that offer a special tax benefit for college savers.
The more money you save now, the less you or your child will need to borrow later. Schedule an appointment to get started today by calling 860-572-4040.
Check Out the Chelsea Groton* Scholarship Program
Each year, the Chelsea Groton Foundation awards $500 scholarships to area high school students to help them realize their dreams of higher education. Students should visit their school guidance office to learn more about the Foundation’s scholarship program and to pick up an application.
*Disclaimer: The Chelsea Groton Scholarship Program is offered through the Chelsea Groton Foundation and is not affiliated with Chelsea Groton Financial Services or Infinex Investments, Inc .
We do not provide tax advice. Consult your tax advisor.