Higher contribution allowances, fewer Ramen noodles
Josh remembers college classmates who struggled to pay not just for tuition but also for rent, food and the other expenses that come with living independently.
“They were scraping money for pizza and Ramen noodles,” he says. He wanted better for his son. He and his wife Claudia set a goal of fully funding their son’s four-year community college education, and they expect to achieve it after contributing each month to the Learning Quest account they created for him 10 years ago.
“We heard about 529 college savings accounts when we were putting our financial house in order,” Josh explains. “Education was an area where we wanted a tax-advantaged investment account.” He and Claudia explored their options and went with a 529 account, which he said beat the others handily based on the contribution allowance – and how easy it is to work with Learning Quest.
“It doesn’t take a lot to open an account and it really adds up over time,” Josh said, calling it an “absolutely fantastic education savings plan.” He has liked being able to increase his contributions easily, versus other education savings accounts that have much lower limits. His son starts college this year, and Josh set up automatic payments to the school.
“Starting a college savings account is the best advantage you can give to your kids,” he says.