Saving money for college at an early age

Saving money for college at an early age

MARQUETTE — Saving money for college is no easy task, but with the right people and preparation it can become less daunting.

College savings experts came to Marquette to show the features and benefits of Michigan’s 529 college savings plans. That is done through two types of savings plans under five two nine including a pre–paid tuition plan.

“That allows people to buy tuition credit hours at today’s cost,” said Michigan Education Trust Executive Director Robin Lott, “we invest the moneys for them and they can go to any college in the nation. The best value, however, is if they attend a Michigan public college. They also have an investment based program called, ‘Michigan Education Savings Program.’ It is direct sold and you can choose from nine investment options, very similar to a 401k.”

Lott added that there is a tax deduction for saving and then tax exemption for when the money is pulled out for college.

“We want them to be functioning, independent adults at the end of the day in society, and what better way to help that youth, that young person go to college and take out less debt.”

Tonight’s event goes until 8 p.m. at the Upper Peninsula Children’s Museum. On Wednesday the same opportunity will be held in Escanaba.

If you are unable to make either of those events and would like to learn more click here.