East Cluster Financial News

Saving for College

It is never to soon to start planning — financially, that is — for college.   Coverdell Accounts and 529 Plans are two of the currently popular methods of accumulating college savings.

The term "529" refers to section 529 of the federal tax code in the same way that 401(k), 403(b), and 457 retirement plans do.   Just as these retirement plans allow for tax-free savings towards retirement, a 529 plan allows for tax-free savings toward college tuition.

CollegeAdvantage is Ohio's 529 plan.   To learn more about Ohio's direct college savings plan, click here.

Coverdell Accounts, formerly known as an education I.R.A.s, allow for an annual contribution of up to $2,000, and earnings on this money are free of taxes.

Here are two informative web sites where you can learn more about these two college savings plans:

SavingForCollege.com        CashMoneyLife.com

Here are some other web sites that can provide information about financing a college education:

College Connection       COLLEGEdata       College Scorecard

F.A.F.S.A.         FastWeb       FinAid.org

FindTuition.com       Nelnet (formerly Chela)

Ohio Board of Regents       Ohio College Access Network

Student Loan Funding        Zinch.com

Earn Money for your School

money for your school It is possible, and actually quite easy, to earn cash and supplies for your school.   Several national companies offer these rewards simply by saving labels or box tops from some of their products or by shopping in their stores.

The programs are Campbell's Labels for Education, General Mills' Box Tops for Education, and Tyson's Project A+.

Visit their web sites and see how you can start earning for your school.

Campbell's     General Mills     Tyson    

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