How to Save
Parents in Idaho who save for college get peace of mind and considerable tax benefits, even if your student chooses an out of state school. Get started today—it may be easier than you think.
Use a calculator:
How much will you need to save? An online calculator can help parents and college-bound students project the total amount needed for college by inputting key numbers. Here is one
calculator that is straightforward and easy to use.
Save early:
Start as early as you can—it’s least painful to stash away small amounts over a longer period of time. But keep in mind, you don’t necessarily have to sock away the entire cost of college, or have it all in the bank on the first day of enrollment. Most experts recommend having at least half of the cost up front.
Set up a tax-free account:
If you have a few years until funds are needed, a 529 savings plan gives you an advantage because the funds grow tax-deferred, and then can be used tax¬-free for qualified educational costs. It only takes $25 to open an account. To get information about Idaho’s 529 College Savings plan, called Ideal, visit
www.idsaves.org or call 1-866-433-2533.
Keep in mind nearly half of U.S. students receive some sort of financial aid, so it’s not all on your shoulders.