Once students are back in school with a fresh outlook on the year ahead, it’s time to take another look at saving for college.
“Higher education expenses have been on the rise for some time. Higher education debt is almost double what the nation’s credit card debt is,” says Jim Mandler with the Minnesota College Savings Plan. “Any kind of savings is good savings.”
Signing up for the Minnesota College Savings Plan
takes less than 20 minutes and can be done on the website mnsaves.org You can open a 529 account for your child or grandchild for only $25 and you can also choose how you want your money invested, with eleven different investment options.
The Minnesota College Savings Plan can be used at any accredited school, whether in Minnesota or not. It can also be used for technical school or even saved up for graduate school. At the school itself, money can be used to pay for not only tuition, but also room and board or books and supplies.
“The earlier you start saving, the earlier you can grow that nest egg,” says Mandler.
Shannon Slatton, reporting
on Twitter: @sslatton
September 6, 2017