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An Overview of Financial AccountsThere are many types of bank accounts that students will find useful in the coming years. We’ve already discussed savings plans specifically for college in another article, so this is an overview of some other basic financial accounts. Keep in mind, most of these accounts are Government-insured, meaning the first $250,000 of an individual’s total deposits are protected against a bank/credit union failure through the FDIC (Federal Deposit Insurance Corporation) for banks or NCUA (National Credit Union Administration) for credit unions.
Saving for Retirement and CollegeFinding balance between retirement savings and college savings represents a challenge most families need help managing. If you feel overwhelmed, you're not alone. The struggle is real, especially when parents consider whether to withdraw from their retirement savings to pay for college.
Saving for college with a 529 is a good idea
Although few families can save enough to fully pay a college bill, it makes sense to save as much as possible given your family’s financial position in order to minimize college borrowing in the future. Saving a dollar today is better than borrowing one tomorrow.® This simple example shows why