The cost of a college education today has skyrocketed with average tuition and fees ranging from $9,000 - $35,000 per year depending on whether the institution is public or private. Some reports have student loan debt topping the $1 Trillion dollar mark with no end in sight. One of the primary investment strategies we offer at Elam Financial Group is the 529 Plan. This plan allows a parent, grandparent guardian etc., to save for college on a tax free basis as long as the proceeds in the plan are used strictly for college related expenses the gains achieved in the account are nontaxable. Please consult your tax attorney or accountant on laws regarding actual deductibility.
Visit www.collegeboard.com for up to date information regarding paying for college