Savings Archives | My College Corner
Skip to content

Tag: Savings

Article

Supercharge 529 College Savings with Child Tax Credit Cash

Sep 16, 2021

Parents, take advantage of this huge opportunity to increase college savings with free cash from Uncle Sam!

The government is now sending eligible parents cash each month. This free money can supercharge a child’s college savings nest egg and reduce future student loan debt. As MyCollegeCorner likes to say: “Saving a dollar today is better than borrowing one tomorrow®"


Spoiler alert: It’s not even close. You should save for retirement first.

However - and this is a BIG however - you can do both. Setting up a college savings account alongside your retirement planning will benefit the whole family. You will give your child a great start toward college while you concentrate on building your nest egg for retirement.



Many grandparents want to help their grandchildren achieve their dreams of college. Unfortunately, how grandparents save or offer assistance can unintentionally reduce a student’s eligibility for financial aid. Knowing some of the rules in advance will ensure that a grandparent’s good intentions are fulfilled without penalizing the student.

If you are a grandparent (or soon to be one) here are a few things to consider when planning to help save for college.






When you buy expensive things -- a TV, a car, a house --, you most likely take more and more time to carefully consider the risks, rewards, and probable outcomes associated with the purchase as the price increases. No one wants to waste hard-earned money. In addition to knowing the purchase price, you will likely have a good handle on the ultimate cost, including after-purchase expenses such as maintenance and insurance. This is true for nearly all consumer transactions -- except for purchasing an education.