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Save for College
Since 2002, the Path2College 529 Plan has offered parents a reliable way to plan for their children's college educations. The plan does not require a start-up fee or monthly maintenance fees, and parents may open an account with a $25 initial contribution. Grandparents, relatives and friends may also open accounts as gifts or contribute to existing accounts.
All accounts have tax advantages. Georgia residents, regardless of income, may invest and then deduct from their state taxes up to $2,000 a year per student.
The plan offers multiple investment options, some more conservative, some more willing to accept loss than others. As with any investment, you assume risk, and the plans are neither insured nor guaranteed. When you set up the account, carefully consider which option is best for you. If you find that you aren't comfortable with the investment option, you can change your approach later.
When students set off for college, they can use the account savings at private and public schools nationwide and at many schools abroad. Funds pay tuition and any other qualified costs, including student fees, books, supplies and room and board costs.
About the Author
Noralil Ryan Fores writes about business, taxes, elections and the environment for GeorgiaGov. She's a graduate of Florida State University's film school and Syracuse University's journalism program.