Anyone determined to help pay for a child’s or grandchild’s education needs to start saving as early as possible, considering how the cost of college continues to skyrocket.
Fortunately, there are ample ways to do so. One of the most popular is a 529 plan, which allows the money placed in the plan to grow tax-free. Withdrawals are also tax-free when used to pay for qualified education expenses, such as tuition, books and room and board.
