If you’re a parent wondering about how you’ll pay for your child’s future college bills, your best source for a college savings plan is a 529 Plan. Below are some different saving plans that are available.
1. Direct Sold Savings Program. As with many 529s, this plan will vary according to the state that in which you are located. This type of plan is managed by investment firms where investors will purchase directly from the plan manager.
2. Broker Sold Saving Program. These 529s are sold through a financial advisor, which means that you’ll get the benefit of advice and expertise of an investment professional.
3. Prepaid Contract. This plan allows you to purchase a contract covering from 1 to 5 years, in a lump sum or in installments.
4. Prepaid Unit/ Guaranteed Savings. This plan allows you to buy units toward tuition, which will equal credit hours once your child enters a college.
Source: www.savingforcollege.com
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