Ask Terry Questions College savings for grandchildren

College savings for grandchildren

By Terry Savage on September 20, 2023 | College Savings / Student Loans

I’d like to start putting money into an account for my new grandchild. What should I open and where?

Terry Says

You need to open a 529 college savings plan, where you can keep contributing over the years. The money grows tax-free and can be used to pay for any college, any state.
Read this recent column:

If you live in Illinois, use the state’s BrightStart plan, which offers a deduction on state income taxes for your contribution. Here’s a link:

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