Saving for college

  @Money January 14, 2013: 5:22 PM ET
NEW YORK (Money Magazine)

When it comes to saving for college, every little bit helps. Each dollar you save is one dollar you won't have to borrow or rely on someone else to provide.

So even if you get a late start or are only able to save a small amount each month, you'll still be better off than not saving at all.

And the good news is you don't have to do it alone. Uncle Sam and many states offer tax incentives that can essentially repay you for some of your contributions to college savings accounts. But of course, nothing in the tax code is simple. Here is a guide on the best ways to save for college

College savings options: The basics. There are lots of ways to save for college. Read the details on the five most popular options.

What is the best way for you to save for college? Compare the most important benefits and drawbacks of each college savings option.

What is the best 529 savings plan for you? If you decide that a 529 is the best way to save for college, we'll help you figure out which one to choose.

Five top-rated 529 plans. We've cross-checked the ratings of 529 plans by Morningstar and Savingforcollege.com to find five plans that offer rock-bottom fees, attractive investment options, and other benefits.

College savings resources. Picking a college savings plan is just the beginning. Here we will give you some tips and tools to help you put a successful college savings strategy into action.

NEXT: College savings options: The basics To top of page



Join the Conversation
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.41%
15 yr fixed3.30%3.33%
5/1 ARM3.30%3.34%
30 yr refi4.31%4.39%
15 yr refi3.35%3.31%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.