College Savings Account Options

There are a lot of different types of accounts that you can use to save for college. But, certain accounts have advantages over others such as:

• Tax deductions for contributions
• Tax free accumulation and withdrawal
• The impact on college financial aid
• Who has control over the account
• Accumulation rate

The types of college savings account that I be covering in this article are:

• 529 accounts
• Coverdell accounts (also know as ESA’s)
• UTMA / UGMA accounts
• Brokerage Accounts
• Savings Accounts

To make it easy to compare and contrast each option, I will have a grading table at the beginning of each section that will provide you with some general information on each type of account, as well as my overall grade on the effectiveness of each college saving option.

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