Word: tuition
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Dates: during 1990-1999
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Regardless of your income, many states allow you to either prepay tomorrow's tuition at today's rates or save in some other tax-favorable education account, for instance one that lets your money grow tax-deferred, much like...
...There are probably smarter ways to invest money," says Barbara Ellis of the $7,000 she and husband Chris paid into Colorado's Prepaid Tuition Fund for 16-month-old Lexi's college education. "But I'm no whiz at investing, and this way I know it's taken care...
...Ellises, that means no need to apply for financial aid or be worried about market dips--and whether they can afford vacations. Their investment takes care of four years' worth of Lexi's tuition (any extra money from the fund can be applied to the cost of room and board or books), as well as her parents' peace of mind...
...reasons. Furthermore, in the year they withdraw from their EIRA, students won't qualify for the other generous programs created by Congress last year: the HOPE scholarship and the Lifetime Learning credit. Nor can money they withdraw from an EIRA be used in conjunction with a prepaid tuition plan. Since EIRAs are not considered retirement funds, they are set up in a child's name, and their value is calculated in the federal formula for financial aid. Result: colleges will take a bigger bite out of the savings...
...worried about all these calculations and caveats. You could be Bill Gates and buy the college of your choice. You could steer them toward one of the five U.S. service academies, where an appointment comes almost entirely at taxpayers' expense, or toward Berea or the Webb Institute, where tuition is free. Or you could get a job with Wilson Greatbatch Ltd. in Clarence, N.Y., which has an education fund that pays the full freight for company employees and their children. But chances are, those aren't options, in which case all this advice just might be worth a degree...