Saving For Education
How does a college savings plan work?
You set up an account similar to your retirement account. It may offer you investment options and choices as to the amounts you wish to invest and the frequency of those investments. Some people like to fund these accounts with several large payments, whereas others may fund it each month over many years. When your child begins to attend college, the money can be withdrawn from the account to be used for room, board, tuition, and books.