Figuring out how to get started on coming up with the cash to start saving for college is tough. Luckily, there are websites out there that can help you find details on college savings plans, future college costs, and
The College Savings Plan Network's official website offers information for families choosing 529 plans based on features. For instance, you may want to just find a plan where you can capture your state's income tax benefits or you want a prepaid plan. A prepaid 529 plan is one where you purchase tomorrow's tuition at today's prices. For instance, if the plan is based on currently has a tuition rate of $4,000 per semester for tuition and fees, you can pay this know and guarantee a future semester of tuition at this price. Prepaid plans are available in just a few states and Private College 529 Plan offers private college future tuition to families across the country.
2. Morning Star
Morning Star is a well-known research firm that ranks the best 529 plans annually. It's not where a plan ranks that matters but the explanations of why. For instance, is it investment choice, tax benefits, or investment costs? Every family has a different reason for their choice, but Morning Star does a great job of explaining their reasoning for their top picks selection.
This website has more tools to calculate college savings and compare options then you'll ever have time to use. The site has a comparison option to compare 529 plans against other savings options such as ROTH IRAs, Coverdell ESAs, and traditional savings bonds. The site also offers a variety of tools for comparing 529 plans. The clickable United States map is very easy to use.
This website is one of the best when it comes to estimating future college costs. Collegeboard.com reports trends in college pricing, but it also has one of the largest reference guides to find college net price calculators, calculators mandated by the department of education on school websites that help families estimate what he price of college might be after financial aid estimates. Net prices aren't guaranteed as amount of grants, scholarships, etc. can vary from year-to-year. However, getting an estimate is better than reading a sticker price that could have nothing to do with what a family would pay.
5. FAFSA4caster
According to graduationdebt.org, this website is great for "advanced financial planning for paying for college for parents of high schoolers or adults returning to school. This Web site allows you to create a practice Free Application for Federal Financial Aid (FAFSA). Your practice application will reveal results on what financial aid you may eligible to receive such as subsidized loans where your interest is paid by the federal government while your in college or federal grants – free money for yours or your student’s education. When you are ready to apply, you can transfer information from your practice form to the real one."
These websites are just a start of the information available for families on college savings. Remember, to talk to human resources, too: your financial advisor, 529 plan managers and high school counselors. Most importantly, talk to other parents. Families who share information can both avoid mistakes already made and challenge each other to improve college savings strategies.
