Our guide to investing for college is one of the most frequently accessed sections by Teenvestors and parents on this website. Your parents may already be aware of some of the options available to them when it comes to planning for your college expenditures. This section can help Teenvestors who plan to go to college and their parents begin investing in a 529 Plan, an education savings plan operated by a state or educational institution that is designed to help families save for college. The two types of 529 Plans are College Savings Plans and Prepaid Tuition Plans.
Since you can’t invest on your own anyway without a custodial account and college savings can have an impact on financial aid, your parents have to be more involved in your college investments than with other investments discussed in teenbusiness.com. In addition, the tax benefits associated with this type of investment is something that would be of great interest to your parents.