Banner Wealth and Investment Services | College Savings Planning

Financial resources to consider when paying for college.

If you or your children want to get a college degree, there are several things to think about. Where to go, what to study — and how to pay for it — are all likely top of mind. When it comes to the question of how pay for college, there are resources you may be able to consider.

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Ways to pay for college

Savings

The most common education savings plan is called a 529 Plan*, operated by a state. 529 accounts can pay for college, trade schools and K-12 education costs, and they can even be used to help pay down student loans. Anyone can open a 529 Plan account including a parent, grandparent or friend. If plans change and the 529 plan savings is not needed for the original beneficiary or if there are leftover funds in the account, the money may be able to be rolled into an IRA account.

 

Financial Aid

Once accepted to a college, be sure to research other available options for financial aid. Some common types include:

  • Federal financial aid in the form of grants, work-study programs and loans. To check your child’s eligibility, submit a Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/.
  • Student loans are available through a variety of sources. Typically the student does not have to start paying on the loan until school is completed.
  • Scholarships, grants and endowments from corporations, foundations and communities.
  • Many colleges offer additional financial aid based on merit or need. Be sure to contact the school’s financial aid office to see what other forms of assistance may be available.

How much should you save for college?

College Savings

Use this calculator to see how much you need to save for college.

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Student Budget

Use this calculator to see how much you should spend during college.

Try the Student Budget Calculator

Ready to get started?

Contact one of our financial advisors to start planning for your future, today.

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* Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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