Dealing with the skyrocketing costs of college can be an eye-opening experience. It is estimated that the price tag of a public college education - tuition, room and board - will exceed $100,000 by the time your newborn child or grandchild comes of age. And for private institutions, the numbers are even more staggering. That's why it's important to start planning now.
529 College Savings Plans, Coverdell Education Savings Accounts and Custodial Accounts (UGMA/UTMA) are great tools to help you save for your child or grandchild's future college costs and expenses. Contact a PNC Investments Financial Advisor is available to help you determine which product best fits your needs and objectives. Use the guidelines below as a starting point.
|What do you need to do?||Things You May Wish to Consider||Product|
|Make large contributions; transfer assets out of your estate; maintain control over account; defer taxes||
||529 College Savings Plan|
|Make small annual contributions; make all investment decisions; defer taxes||
||Coverdell Education Savings Account|
|Reduce your own taxes; transfer assets out of your estate; make all investment decisions; transfer control to your child at an early age||
||Custodial Accounts (UGMA/UTMA)|
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Securities and brokerage services are provided by PNC Investments LLC, a registered broker-dealer and investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered by PNC Insurance Services LLC, a licensed insurance agency.