Saving for College
As a student, college may be on the radar or it may be approaching fast. For many parents, having your child attend college is an American dream and one you may wish to assist with financially. Sit down with one of our 1st Summit Financial Partners to discuss your options of saving for future education costs.
529 Plans
This is a flexible, tax-advantaged plan specifically for education savings that has become one of the most popular ways of saving for college. Funds can be used for qualified educational expenses at colleges nationwide.
The benefits include:
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- Federal and State tax advantages with simplified tax reporting
- High contribution limits
- Unlimited participation regardless of income level
- Professional money management
- Changing the beneficiary to a qualified family member at any time
- Having complete control of the account
- Low maintenance
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In addition to saving for college, you can also utilize this plan for K-12 tuition costs. In the past few decades, 529 Plans have changed the world of education savings by making it affordable for every income level.
It’s never too early to start saving. Let’s get started today.
Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. 1st Summit Financial Partners is a trade name of 1st Summit Bank. Osaic Institutions and 1st Summit Bank are not affiliated. Products and services made available through Osaic Institutions are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
