College Resources & News from CFNC

Plenty of people will tell you about the importance of college. They’ll tell you about how college graduates earn more during their lifetimes. They’ll tell you about how the value of college extends far beyond the academic experience. What they may not tell you is how you’re supposed to pay for it.

Picture this. Your student is getting ready to go off to college for the first time. For years, you have contributed to their education savings plan, helping to make their dream of higher education a reality. As you prepare to send in the first payment from your 529 account, you want to ensure that your student is attending an eligible institution so it counts as a qualified withdrawal.

Preparing to send a child off to college requires a good amount of financial preparation. Sure, you’ve accounted for the basics that everyone knows all too well. You’ve considered tuition, room and board, and textbooks. But what about the extra costs associated with a college education? Are you prepared for those?

The holidays are approaching, and many parents and grandparents are wracking their brains, trying to come up with a great gift for the children in their lives. You can give them another toy or a sweater, but what about something for their future? Giving the gift of a college education is something they won’t outgrow or break.

Opening a 529 education fund is a smart financial move for families, especially with the rising cost of college. Besides college expenses, the money also can be used to pay for K–12 tuition at public and private schools in many states, including North Carolina.