Northwestern Mutual LOG IN LIFE & MONEY FIND A FINANCIAL ADVISOR CLAIMS COLLEGE SAVINGS PLANS Plan for a brighter future. When should you start a college savings plan? With college costs continuing to rise, it's more and more difficult to pay for higher education without turning to student loans—often six figures' worth. We can help you put together a plan that will help you start saving before they start to walk. So when they're finally old enough for college, you can spend more time helping them with applications and extracurricular activities, and less time worrying about how you're going to afford tuition. Take the next step. Our financial advisors can help you find the right products and services to help you save for college and show you how it fits into your bigger financial plan. It's easy to get started—no commitment, just a conversation. LET'S TALK How the average American family pays for college1 Student borrowing Parent borrowing Student income / savings Grants / scholarships How can Northwestern Mutual help you plan? At Northwestern Mutual, we believe everything should be part of a larger financial plan, based on your unique situation. We look at everything you have going on—your goals, needs, and priorities as well as your savings and spending habits. Then we'll make recommendations that will work with your financial plan, and help you achieve everything you want. Over 4.3 million people have put their trust in Northwestern Mutual for their financial planning goals. We'd love to help you plan for your child's or grandchild's college education. 529 plans 529 plans are a flexible way for parents, grandparents or other loved ones to put money away for college tuition. A college savings plan lets you contribute to an account, which grows (tax-deferred) over time, and is also usually exempt from federal income taxes. MORE ABOUT 529 PLANS MORE ABOUT 529 PLANS Coverdell Educational Savings Accounts (ESA) Coverdell accounts are unique, because they can be used to cover costs for kindergarten through 12th grade, as well as college. Like 529 plans, they grow tax-deferred. These accounts have a $2,000 yearly contribution limit and are subject to certain restrictions. Related articles RAISING A FAMILY Paying for College: How to Start Saving Early BUILDING YOUR SAVINGS What Is a 529 Plan? MANAGING YOUR DEBT Student Loans 101: What to Know Before You Borrow 1Sallie Mae, 2017 https://www.salliemae.com/research/how-america-pays-for-college/ Find What You're Looking for at Northwestern Mutual Northwestern Mutual General Disclaimer Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Life and disability insurance, annuities, and life insurance with long-term care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Long-term care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, broker-dealer, registered investment adviser, and member FINRA and SIPC. Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Not all products and services are available in all states. Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. Northwestern Mutual Footer Navigation About Us Newsroom Careers Information Protection Business Services Contact Us FAQs Legal Notice Sitemap Privacy Notices Connect with us Facebook iconConnect with us on Facebook Twitter iconFollow Northwestern Mutual on Twitter LinkedIn iconVisit Northwestern Mutual on LinkedIn Instagram iconFollow Northwestern Mutual on Instagram YouTube iconConnect with Northwestern Mutual on YouTube Over 6,400 Financial Advisors and Professionals Nationwide* Find an Advisor Footer Copyright *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Copyright © 2021 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. All Rights Reserved. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries.