(NAPSI)—With the spirit of giving upon us, now is a good time for parents and grandparents to give a present that will benefit their young loved ones for years to come -the gift of a college education. By enrolling in the Private College 529 Plan, parents can purchase future college tuition at today’s prices guaranteed by over 280 participating private colleges and universities. They can even set up a regular withdrawal plan of any amount they choose so the funds keep buying more tuition as the years pass.
One of the benefits of this kind of plan, known as a prepaid 529 plan, is that families avoid increases in future tuition and don’t worry about investment markets. Additionally, students may attend any of the plan’s 280-plus schools to which they are accepted. They do not commit to a particular school when first enrolling in the plan.
To help families plan for college, Private College 529 Plan has a website called TomorrowsTuitionToday.org. The site features profiles from member schools, an interactive blog focused on college savings strategies and similar topics, as well as stories from families that have successfully used the program.
All 529 plans offer federal tax advantages and more than 30 states offer state income-tax deductions or credits. Pennsylvania and Missouri are among a few states that offer state income-tax deductions for contributions to any 529 plan.
The plan’s member colleges and universities are committed to helping students and their families save for college and make smart decisions about student loans. A recent survey conducted by ORC International and commissioned by Private College 529 Plan found neither parents nor teens saw student debt as the most serious economic issue related to college. Lack of savings, however, can reduce options for students when choosing a college and higher debt loads can be a drag on life choices after graduation.
For more information, visit www.TomorrowsTuitionToday.org and www.PrivateCollege529.com.