Okay if you haven't heard about these yet here is the 411:a 529 college savings plan allows you to put aside money for your childrens' future education. The money grows tax-deferred and, at least under current law, is tax-free when withdrawn if used to pay qualified education expenses. Contributors (usually the parents) retain control of the accounts, which also receive favorable treatment in financial-aid calculations.
Ryan and I started these accounts for each of our kids about 2 years ago. We put money in each account every month no matter what. The accounts have really grown now and it is very rewarding now to see how much we have saved for them already. I thought I would share this information in case anyone out there hasn't heard about these great plans.
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