A college education is a major investment. The costs may seem high, but there are ways to make college affordable. By planning early and applying for scholarships and other financial aid opportunities, you can reduce the costs of college. In addition to financial aid and scholarships, there are other ways to manage and reduce college costs. The Indiana Family College Savings Plan helps pay for college.
Families can establish accounts as soon as a student has a social security number.
The savings plan defers federal and Indiana income taxes on the interest in the account until you are enrolled in an approved postsecondary educational institution. When funds are used, they are taxed at a student rate, which is usually lower than a parent s. Families pay no taxes on the earnings, as long as the money is used for education expenses. For information, talk with a trusted financial adviser. For information, talk with your bank s investment officer.