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By Teresa Stewart - February 27, 2018
Expecting a tax refund this year? Consider investing it in your child's or grandchild's future by putting it towards their college dreams. Lump-sum contributions, as well as regular investments, can help keep or put their plans on track.
Every dollar you can save now could improve your child's chances of making college more affordable down the road. According to Sallie Mae , the average family paid $23,757 for college last year. College costs have been steadily rising for decades, and there is no sign of them slowing down.
Many parents expect to contribute to the costs of their child's education because it's such an important goal, and they don't want their children saddled with massive amounts of student loan debt before they even start their first “real” job. Even though the goal is there, some may not know where to start.
There are many ways to save for higher education. A 529 education savings plan, in particular, is a helpful way to prepare. Some of the benefits include:
Other investment vehicles are also available for college savings. Regardless of which option you choose, using your refund is a smart idea.
If you are already saving, the tax refund can accelerate your college plan. If you haven't started, use your refund to kick-start a plan. Either way, a one-time investment can spell good news for your future college student.
Learn about the different college savings investments available.
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The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.
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This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
As with any investment, withdrawal value may be more or less than your original investment.
The availability of tax or other state benefits (such as financial aid, scholarship funds and protection from creditors) may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors.