Saving for More Than One Child? Let Future Scholar Help!
July 18, 2017
Paying for one child’s college education can be costly enough. Factor in a couple more and you may be feeling a bit overwhelmed.
Before you panic, meet the Astorino Family (not shown here). The Astorinos not only have four children, they even had a set of triplets in the mix, and yet they still managed to save for all four to go to college!
While you might not be in quite the same situation – with three graduating on the same day – you can still take a page from the family’s playbook. Like many families with more than one child, the Astorinos opened a 529 College Savings Plan for each of their children.
“A Future Scholar 529 plan is a great way to help manage savings for more than one child,” said South Carolina Treasurer Curtis Loftis.
As Loftis goes on to explain, you decide how much you’d like to save for each of your children and when you want to save it.
And, if for some reason, one of your children decides not to go to college you can transfer the account to another child. Or, if he or she lands a full scholarship, you can withdraw up to the amount of the scholarship without a 10% federal penalty.
What’s more, contributions from a grandparent or relative can be made to more than one person’s 529 account and contribution limits apply to the beneficiary, not the account owner or contributor.
To learn more about 529 plans or how the Astorinos were able to save for four children, read on:
To open a Future Scholar account, visit www.FutureScholar.com.