The rising cost of higher education makes saving early and efficiently even more important. The average published college costs, including tuition and fees as well as room and board, for the 2012-2013 school year were*:
- Four-Year In-State School: $17,860
- Four-Year Out-of-State School: $30,911
- Four-Year Private School: $39,518
Our College Savings Solutions and Strategies:
- Coverdell Education Savings Accounts: Can help pay for a child’s qualified elementary, secondary and higher education expenses. Annual contributions may not exceed $2,000, but these accounts can consist of bank deposit products or other investment products.
- 529 Savings Plans: Provide a tax-advantaged way to save for qualified higher education expenses. Unlike other assets, these plans are generally sponsored by individual states.