Giving the Gift of Higher Education This Holiday Season; 529 Plans

Still trying to figure out what to get the children on your list for the holidays? How about the gift of higher education.

Grandparents and others can contribute to a child’s 529 plan. Bob Guillocheau is the CEO of Ascensus, which is one of the nation’s top retirement and college savings administrators.

According to the College Board, for the 2013-2014 academic year a ‘moderate’ college budget for an in-state public college averaged $22,826. For a private college, the average was $44,750.

Guillocheau says the ‘onus is on individuals to save’ and you can start even before the child is born. Guillocheau also said ‘lots of discussions in Washington are going on right now to relax how one can go about using those dollars’ if the child decides not to attend college.

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