As millions of borrowers wait to hear whether the Supreme Court will allow some debt relief from their student loans, their anticipation and anxiety ought to serve as a reminder that covering the cost of college generally comes down to saving as soon — and as often — as possible.
What parents need to know about 529 college savings plans
Here’s how I sent all three of my children to college debt-free
May 17, 2023 at 7:00 a.m. EDT
Even if the plan gets greenlit by the Supreme Court, don’t expect future forgiveness on this scale.
This means the cost of college still primarily falls on parents and students. Saving will be the key to avoiding decades of debt.
All three of my 20-something children graduated from college debt-free. My husband and I didn’t take out a single loan, neither did our children.
How did we do it without hitting the lottery or the scholarship jackpot?
We started saving early using 529 college savings plans for each child.
Our eldest was 4 when we discovered the advantages of the 529 plan, thanks to our financial planner. We later opened accounts for our two youngest children before they could walk or talk.
“A 529 plan is really good when you can take full advantage of the tax-free growth and most beneficial if you let it grow for a long period of time,” said Roger Young, a certified financial planner and thought leadership director for T. Rowe Price.
Here’s what you need to know about 529 plans.
