The first time you hold your child. Your child's first steps and first words. The first day of school. These are all signposts of a child growing up.
Can you see your child on the playground and imagine her graduating college or university? Looking forward, it's hard to imagine. Looking back it happens all too quickly.
Putting aside money toward post-secondary education today pays off later in many ways. Foresters can help you to fund your child's education and make the most of your contributions.
Every moment you delight in your child is a reminder how important their education will be. That little person dangling her legs on the swing...is that a future doctor? Could be, if she wants and the money is there.
Funding For Your Child’s Education
There are only so many ways to save and pay for a child's post-secondary education. And the cost of education is rising every year. If you have a young child, the costs easily could double from today's level by the time your child is ready for post-secondary education.
Will you be financially ready?
If you are lucky, your child will receive financial aid simply on merit. Otherwise, the burden falls on familiar shoulders: you and your child. You may have to borrow to pay the bills. Or, you could be saving right now.
The wisest course is to save in advance for all or a substantial part of those costs. Like many other forms of providing funds today to pay for future expenses, the earlier you start putting money away, the more it
accumulates.
You can also use mutual funds to fund an Education Savings Account
("ESA") for your child, contributing up to $2,000 a year, depending upon your income. Educational Savings Accounts are specifically for college, elementary and secondary education funding purposes. An ESA lets you contribute up to $2000 each year for anyone under the age of 18. Distributions for tuition, fees, room and board and other educational expenses are not subject to income tax or the 10% penalty tax on
earnings.
529 Savings Plan »
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for Americans
