Planning for College

The Minnesota College Savings Plan can help you start saving for a college education today.

For most families, saving enough to pay for the costs of higher education may seem overwhelming. However, with proper planning, funding a college education can be easier to achieve. The Minnesota College Savings Plan has tools and resources to help you set your plan into motion today.

10 Simple Steps to help you set up a plan:

  1. Set your goals for saving for your child or loved one's college education (for example, you may aim to pay for 4 years of college expenses; save a certain amount for each child; or match half of the cost of college).
  2. Use our calculator or download our smartphone application to estimate how much you need to save to meet your goals.
  3. Consider other assets you may have already set aside (UGMA accounts, savings bonds, Education IRAs). You can also roll or transfer these assets over to your Minnesota College Savings Plan account.
  4. Compare all the ways to save for college by utilizing our College Savings Comparison chart.
  5. Visit www.getreadyforcollege.org to learn more about planning for college, scholarships and financial aid.
  6. Start maximizing your tax benefits today by enrolling with the Minnesota College Savings Plan. It’s easy to start and simple to save.
  7. Set up automatic contributions from your bank account or payroll deduction (if your employer allows) to help accomplish your goals faster.
  8. Revisit your college savings goals annually to stay on track.
  9. Involve your child or loved one so they understand the meaning of your investment.
  10. Encourage others to help.

The gift of a college education for a child or loved one can last a lifetime. A college education can open doors to future economic success. Statistics show that a median income for someone with a bachelor’s degree is 74% higher than the median income for someone with a high school diploma. This can amount to over $800,000 more in income over a working lifetime.1

1Table 3. Median Earnings for Workers Aged 25 and Over by Educational Attainment, Work Status, Sex, and Race and Hispanic Origin: 2007 (Earnings in dollars) Educational Attainment in the United States: 2007, US Census Bureau, January 2009

We are here to help.
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