San Diego, California (NAPSI) - Adding college tuition savings planning to this year’s resolutions can be wise. According to the College Board, the average annual tuition for a private college in 2012 was $40,000.
Sixty percent of teens expect to need student loans for their future college costs, though many are already helping to save money toward these costs while in middle school and high school, reports Private College 529 Plan’s first annual Teen College Savings Barometer, conducted by ORC International.
To help decrease the cost of private higher education, Private College 529 Plan (PC529), operated and managed by more than 270 private colleges and universities, lets families secure today’s tuition rate for tomorrow’s education. PC529, the only pre-paid plan for private school tuition, offers rewards for starting to save as early as possible.
These strategic tips from Nancy Farmer, President of Private College 529 Plan and former Missouri State Treasurer, can help families keep their resolution:
• Set up a direct deposit account for tuition so the money is saved automatically.
• When childhood milestones occur, like no longer needing diapers, use that extra money to increase your monthly college savings amount.
• Allocate at least some portion of your annual tax refund for your child’s college tuition savings funds.
Families can learn more about this tax-exempt way to save for college at www.privatecollege529.com and www.TomorrowsTuitionToday.org, including information about a variety of college savings options, school profiles, current account owner testimonials and more.