What is the best account for college savings?

In the US, 529 plans offer tax-free growth and withdrawals for education. In the UK, Child ISAs and Junior ISAs offer tax advantages. Compare tax benefits of your region.

How much should I save for college?

Current US average in-state public university costs ≈$26,000/year. Starting early with modest contributions leverages compound growth over 18 years.

What if I oversave in a 529 plan?

Excess funds can be transferred to family members, used for K-12 tuition, or rolled into a Roth IRA (recent rules). Some funds may trigger taxes and penalties if used for non-education.

Financial

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A 529 college savings plan grows tax-free and can be withdrawn tax-free for qualified education expenses. Starting early dramatically reduces the monthly contribution needed to fund four years of college.

Symbol	Name	Unit	Description
FV	Future Value	$	—
PMT	Annual Contribution	$/year	—
r	Annual Return	%	—

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Pro Tip

Open a 529 plan as soon as the child has a Social Security number — even at birth. Time is the most powerful variable.

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Did You Know?

529 plans now also cover K-12 tuition (up to $10,000/year) and student loan repayments (up to $10,000 lifetime).

References

›IRS — 529 Plans

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