Girl putting money into piggy bank for education savings.Education planning programs come in many shapes and sizes. That is why the insight and guidance from your financial planner is so valuable. They are able to help you choose the right college plan while also helping you select the investment options that best fit your needs and tolerance for risk.

At Deller Wealth Management, we work with you to make sure you understand the various ways to save and what that money can be used for down the road. Here are the top ten reasons to invest in a college savings plan for your loved ones:

1. Pay for More Than Just Tuition

Withdrawals from your college savings plan can be used for any qualified higher education expense including tuition, mandatory fees, supplies, books or other required equipment, and room and board, as long as the beneficiary is enrolled at least half-time.

2. Ability to Modify Beneficiaries

The beneficiary can be changed to a member of the immediate or extended family including siblings, spouse, grandchildren, nieces, nephews, cousins, and more.

3. You Have Control

The account owner—not the beneficiary—maintains control of the assets, including how and when they will be used.

4. Affordable Contributions

Many 529 plans allow account owners to contribute as little as $25 to open an account.

5. Wide Range of Schools

Distributions have now been expanded to include all public, private or religious K-12, post-secondary schools, postsecondary college, university, or vocational school that is eligible to participate in student aid programs administered by the U.S. Department of Education. In addition to school expenses, withdrawals can be used to pay for qualified education loans up to $10,000.

6. No Income Restrictions

Anyone can open a plan, regardless of their income.

7. Wide Range of Investment Options

Plans offer a variety of professionally managed investment portfolios including age-based options that automatically change as the beneficiary ages. Alternatively, your advisor can tailor your portfolio investments to match your risk tolerance, timeline, and investment preferences.

8. Convenience

Many 529 plans offer features that make them a convenient way to save for college, including monthly automatic investment plans and portfolios.

9. Earnings Grow Tax Free

Earnings are free from federal income tax when withdrawn for qualified higher education expenses.

10. Everyone Can Help

You don’t have to do it all on your own! Grandparents as well as other family and friends can make gifts to your account for maximum growth potential.

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