Bankrate.com has a handy chart comparing 529 plans, prepaid tuition plans, and Coverdell education savings accounts. However, the difference in contribution limits for Coverdells ($2,000 per year) versus 529s ($200,000+ per plan) is omitted. Via The Dollar Stretcher.
Bankrate.com also discusses a couple of other college savings vehicles: U.S. Savings Bonds and custodial accounts.
Monday, August 27, 2007
Comparing College Savings Plans
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3 comments:
I did a ton of research on this to see what was the best fit. We live in NY so I was looking at their plans versus some of the more popular ones like Alaska or Colorado. In the end I just had my financial advisor figure something out and we went with an advisor plan. It's a little more expensive, but a lot more control to better manipulate the funds.
Also be sure to look into Upromise.com because you can earn extra funds for a 529plan just by doing what you normally do: shop. It takes like 5 or 10 minutes to set up initially and then you forget about it and everything is automated. Granted you won't make thousands, but if you get grandparents, friends, etc. to join in, it can add up over a few decades.
Thanks for the advice, Andrew!
Great information! 529saver.com compliments your article well by providing access to other high quality 529 savings plan information and resources.
I hope this helps you and your readers.
Regards,
Dawn
529Saver.com
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