Education is one of the best investments that you can make. Unfortunately, it’s also one of the most expensive investments in your future.
I remember my first semester of college. I thought it was outrageous that they wanted to charge me $119 a unit. I had to pay out of state tuition, because we had been living in the Pacific NW for a couple of years and had only been back in California for about 5 months. In state fees were $13 per unit. How little did I realize how good we had it!
It’s believed that 4 years of tuition and other related expenses at a 4 year college will be $232,000 for a child born in 2012. That number is absolutely mind-boggling. Oh, and that’s not even at an Ivy League school. Nope, tuition at one of the fancy schools will run you somewhere close to $425,000.
There are ways to help you plan for your child’s future, though. One of those ways is GradSave. GradSave is an online registry which allows people to gift directly to a child's college savings plan.
How does GradSave work? It’s easy!
Grandma, or any other friend or family member, visits the GradSave site. They then click on the gift card page, and order a gift card. This gift card can then be applied to the 529 account you have set up to save for your child. Easy peasy. With denominations starting at just $25, this is a great gift for any occasion. It also makes it easy for someone to make a monthly contribution to a college savings plan. For a limited time, GradSave is offering How Was Your Day readers $10 off the purchase of a gift card!
What’s a 529 Plan?
Not sure what a 529 Plan is? That’s okay! Think of it as a 401(k) for college. A 529 plan is one of the newer ways to save for college. You can set up an account and deposit money in it. These funds are then invested, or they can be used to purchase unit credits from a college.
There are plans available in every state and the District of Columbia. These plans are administered by the state government or the universities themselves, so they’re not going to take your money and run. If you’re interested in setting up a 529 plan, you should talk to a financial planner, as there are a few different options.
Want to win $10,000 towards your child’s education?
Well, do ya? GradSave is giving away a $10,000 scholarship! It’s totally free to enter, too. What are you waiting for? Go enter! Be sure to read the details on the GradSave site, too. I kind of wish I could enter and put it towards my student loans!