An educational savings plan is designed to help families save for their children’s education, providing a structured and tax-advantaged way to prepare for the rising costs of tuition and other educational expenses. By starting early, these plans offer the opportunity to build a substantial fund, reducing reliance on student loans and ensuring access to quality education.
The cost of education continues to rise, with tuition for colleges and universities increasing annually. According to the College Board, the average cost of a four-year degree at a public institution is over $25,000 annually, while private colleges can exceed $50,000. For families without a clear savings plan, these costs often lead to heavy reliance on student loans, creating financial stress for both parents and students.
“The seeds you plant today in education will grow into opportunities for a brighter tomorrow.”
-Mrs. Verra Aza
Contributions and withdrawals are both tax-free irrespective of the type of educational expense.
Funds can cover educational or non-educational expenses without penalties, offering flexibility beyond traditional savings plans.
Starting early allows contributions to benefit from compound interest, significantly increasing the fund's value over time.
Unused funds can be reassigned to other children or converted into a supplemental retirement plan for the child later in life without any penalties and/or restrictions.
At Veracity LD, we tailor educational savings solutions to your family’s unique needs. Our highly qualified licensed financial professionals analyze your needs, devise a plan, and recommend solutions and products that will get you to your goals. We help you make sure that your child gets that education they dream of.
Investing in education is a step towards lifelong success. Let us help you create a financial foundation that supports your child’s dreams without the burden of debt.
Contact Veracity LD today to get started.
