Keep Your Resolutions in 2013 – May Tip
If you've got children, it might be a good time either to get started on saving for college or to ramp up your efforts. Consider a 529 college savings plan sponsored by a state or state agency. The contribution limits are high, there are no income restrictions, and your savings grow tax free. Better still, you won't pay federal income tax when you withdraw the money to spend it on qualified higher education expenses.
Source: Fidelity
Good to Know: According to 2012 data from the College Board®, average total charges at U.S. public four-year colleges in 2012-13 are $17,860 for in-state undergraduates and $30,911 for out-of-state undergraduates.
For detailed information about paying for college, check out the Tools and Calculators on the College Board website. You can also visit the BMC Employee Assistance Program (EAP) website for information on financial aid, saving money, and college preparation (enter Username: BMC; Password: EAP). Look under the My Family tab and select College from the drop-down menu.