ROCKFORD (WREX) — Northwest Bank says one of the best things you can do to save money for college is making it part of your overall financial plan.
Northwest Bank says it’s recommended to save about one-third of the cost of college with the expectation that the rest of the money will come from financial aid, scholarships and current income.
Another suggestion is putting money in a 529 College Savings Plan where you can put in a certain amount of money each month toward school. The earlier to start savings is better according to Northwest Bank.
“Anytime you can start a plan as early as possible, that’s going to have the biggest benefit. But I do have clients that start plans later as their child has grown and maybe some of those expenses that they were using for early childhood, now they’re able to put away,” said Financial Advisor with Foresight Financial Investment Services Marrc Theien.
Other ways to pay for college include educational savings accounts and Roth IRA’s.
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