Reported 8 months ago
With rising student loan debt in the U.S., parents are advised to start saving for their children's college education. Finance expert Daniel Roccato highlights four key savings options: custodial accounts, which are easy to open but give children full control upon adulthood; U.S. savings bonds that offer tax-free interest for educational use but have income limits; Education Savings Accounts (similar to IRAs) that allow tax-free growth with a $2,000 contribution limit per year; and 529 plans that have no contribution limits and permit tax-free growth depending on state regulations.
Source: YAHOO