Congratulations on starting to plan for your child's future higher education expenses. If the process seems overwhelming to you, here are some tips for moving those big dreams closer to reality:
- Investing even small amounts can reduce how much your child will have to borrow for school later on. Invest little by little over time with recurring contributions.
- Even if your child is already in high school, there's still time to invest - and you can take advantage of Learning Quest's tax benefits, including state tax benefits if you are a Kansas taxpayer.
- Consider the value of investing for college rather than having to borrow the entire amount. If a family invests $100 a month (with a hypothetical investment return of 5%) when a baby is born, they could potentially have $35,000 for the student's higher education - that's $35,000 less that the student has to borrow.
- Opening a Learning Quest account can show your child the confidence you have in them. "Youth who expect to graduate from a four-year college and have an account are approximately seven times more likely to attend college than youth who have no account."1
- Wondering about how much you'll need to have? Check out our college cost calculator.
- Whether your child decides on a private university, state school, community college, or vocational school, you can use your Learning Quest account assets at any eligible educational institution that can participate in the federal financial aid program.
- If your child does not attend college, you can always transfer the account to another beneficiary, if that person is a "member of the family" (as defined by federal tax law; see the Learning Quest Handbook). As the account owner, you control when and where the assets are used.
- Make sure to use all of the features that Learning Quest offers: Ugift® and Upromise® can help you save even more!2
- If your family qualifies, you can apply for Matching Grant funds for your Learning Quest account.
- Most important of all. . .don't wait! Start investing for your child's future today!
1 The Role of Savings and Wealth in Reducing "Wilt" between Expectations and College Attendance. William Elliott III and Sondra Beverly, Center for Social Development, 2010.
2 Upromise is an optional service offered by Upromise, Inc., is separate from Learning Quest, and is not affiliated with the state of Kansas. Specific terms and conditions apply. Participating companies, contribution levels and conditions subject to change without notice. Transfers subject to a $25 minimum.