Families reported paying $30,017, on average, for higher education in the academic year 2019–20, according to Sallie Mae’s 2020 “How America Pays for College” report conducted by Ipsos. Throughout a student’s (typically) four-year university career, those costs can accumulate dramatically.

Parents who would like their children to attend college should start saving as early as possible. Many parents start saving once the baby arrives or soon before, but adults who know they want to have children can start setting aside money as soon as they make that decision. A 529 college savings plan is one of the easiest and best options for parents to save for college: It’s tax-free and can be used for qualified educational expenses for any of your children — even first cousins…

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