How to Pay for College
Most families can’t save the full amount needed for their child’s education. Paying for college usually includes:
Tips for Saving for Education
Why Save for Education?
In 2019, the total cost for one year at a 4-year Wisconsin public university was between $19,500 – $24,500, including tuition, books, food, rent, etc. As your child gets older, these costs will continue to rise. Even a small amount saved will make it more likely that your child will pursue education after high school.
Children with college savings accounts are:
4 times more likely to go to college,
5 times more likely to graduate from college,
More involved in school, and
More likely to get higher grades
When I Grow Up
Doctor or plumber, singer or firefighter, astronaut or teacher? Young children have plenty of dreams about what they want to be when they grow up. Adults support those childhood dreams through conversations and setting aside some money for education.
College Savings Options
Wisconsin 529 Plan – Money saved in a 529 investment account can be used to pay for expenses like tuition, books and technology at almost any technical college or university. You can open an account for $25, and then with automatic deposits, the minimum monthly contribution is only $25. Edvest accounts at www.edvest.com
Coverdell Education Savings Account – Also known as an Education Savings Account (ESA) is an investment account that can pay for college expenses plus private school tuition at elementary or secondary school. https://www.irs.gov/taxtopics/tc310
U.S. Savings Bond – You can buy a $25 bond at www.treasurydirect.gov or a $50 bond with your tax refund when you file your income taxes. Bonds can be used for college or other expenses.
Savings Account – You can open an account at a bank or credit union. Different places require different deposit amounts to open an account, so shop around. You can withdraw your money at any time for any reason.
Transitions and Security Blankets
Storytelling
Reading Readiness
Math Readiness
