Education Planning

If you have children who are planning on going to college, you know that paying tuition and other expenses is likely to be a major financial challenge — but one that’s worth the cost.

You can get a head start by taking advantage of some of the most effective ways to save for higher education. Programs such as 529 savings plans and education savings accounts (ESAs) offer valuable tax benefits to encourage you to put money away for qualified education expenses.

Families that meet income eligibility requirements may be able to take advantage of additional tax breaks, such as tax-free redemption of U.S. savings bonds, the Hope Scholarship credit, Lifetime Learning credit, and the ability to deduct tuition payments and student loan interest on annual tax returns.