GOLDEN VALLEY, Minn. - Interest rates on student loans subsidized by Uncle Sam are about to double to 6.8% on July 1st unless congress acts to stop that from happening.
So, how do you get ready to save for higher education?
Robert Stern, spokesman for the 529 Minnesota College Savings Plan, joined KARE 11 Sunrise about the benefits of a 529 plan:
- Tax advantages
- Flexible to use at any eligible institution in the nation for tuition, room and board, books, fees, and required supplies
- Choice of low fee investment portfolios
- Transferable to another eligible family member
- Account Owner never loses control
- Affordable (only $25 to get started) and easy to contribute
(Copyright 2013 by KARE. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)