Any amount your family can put away for college, particularly in a tax-advantaged college savings plan, will reduce what you have to pay out of pocket or borrow when it is time for college. Let’s look at a few ways people can save.
529 Plans are tax-advantaged investment accounts in which you can save money specifically for college. Earnings are free from federal and state taxes when used for qualified higher education expenses. There are no enrollment fees or sales charges for opening an account in the North Carolina 529 Plan, and the contribution minimum is only $25. The account owner, not the beneficiary, is always in control of the NC 529 account.
Installment plans spread out college tuition and divide fee payments into smaller amounts over periods of time, so you don’t have to pay everything at once. These plans can be helpful for students working their way through college, or for parents paying for school out of pocket.
Contact your school to see if it offers payment programs. Consider the program’s terms and whether there are any fees or interest charged for paying this way.
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