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Demystifying Planning & Paying for College: A MoneyZen Conversation with Wealth Advisor David Ressner
Demystify planning for college costs: Manisha Thakor and David Ressner discuss saving for college, financial aid, calculating costs and even how to identify the right (priced) college.
Manisha Thakor is the Director of Wealth Strategies for Women at the BAM Alliance.
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The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice.
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529 Plan Basics
A 529 plan is similar to a Roth IRA in that you contribute after-tax dollars that grow tax free. Earnings from the plan can be withdrawn free of federal taxes for qualified college expenses.
Each state has its own plan, but you are not required to use the 529 offered by your state of residence. You can open a 529 account in any state. However, this does not mean the student (beneficiary) must choose a college in the state where the 529 was established. For example, a plan owner can live in Illinois, open a 529 account in Missouri and use the account to pay for the expenses of a private college on the East Coast.
Parents have sacrificed their financial futures on the altar of their children’s education. Fueled by easy federal money and self-interested colleges, the result is a student loan crisis that appears already to be eclipsing the catastrophic proportions of mortgage indebtedness leading up to the financial collapse of 2008. > SEE MORE