Options to help save for college

When most people hear the words "March" and "College" used in the same sentence, they tend to think of basketball tournaments. But it`s also the time of year many parents are wrapping up the application and admissions process for their college bound children. Here is some advice on how to save for those college expenses from Financial Consultant Eric Boland. What are some keys to think about when starting a college savings plan? Start Early Take advantage of tax favorable accounts: -Coverdell Education Savings (Education IRA`s) - 529 Savings and Prepaid Tuition Plans What are some of the pros and cons of each of those? Coverdell Education Savings maximum contribution of $2,000 used for primary, secondary and college expenses 529 Prepaid Tuition Plans Purchase future tuition at today`s rates Good for tuition and fees only Guarantees are usually for a select group of colleges or universities 529 Savings Plans Investment in underlying mutual funds Proceeds can be used for any qualified expense at any accredited college or niversity