Supporting family and friends when it comes to their child’s college education is something many people would like to do, but may be unsure of the best ways to go about doing so. Several of your loved ones may already have a College Savings Trust set up for their child, making it convenient for you to show your love and support by contributing to the account. However, apart from helping your family member or friend send their child to college, your financial gifts are a unique and special way to personally make a lasting impact on that child’s future success with the benefits of a College Savings Trust by Prime Trust.
The Funds Grow with Time
The best part about giving the gift of education with contributions to a friend or family member’s College Savings Trust is that the account savings will accumulate quickly as other family and friends also contribute, and it may even gain value over time. This means your gift can potentially make a considerable dent in future college expenses down the road. Depending on the parent’s preference of how they would like the trust funds to be invested, even a smaller deposit of $100 could grow nicely over the years. By the time the child grows up and is ready to go to college, their College Savings Trust will have likely grown to a sizable amount, so your gift will continue to give long after you’ve made the initial deposit.
When parents set up a College Savings Trust for their child, they have the ability to choose how they’d prefer the money in the account to be invested, or if they want the funds invested at all (as they may also simply leave the funds 100% protected in FDIC-insured cash). Parents also have the ability to adjust investment options at any time if they feel they would like to shift their approach. This makes it simple to manage the account, and the funds in it, in preparation for their child leaving for college. You will also have peace of mind knowing your gift and any additional gains are guaranteed to be used for the intended purpose and not carte blanche for anything the child desires.
The Account is Professionally Managed
Another one of the benefits of contributing to a loved one’s College Savings Trust is knowing your funds are being handled by professionals after your gift is sent. The team behind College Savings Trust is made up of financial, legal, and technology experts who continue to redefine the college savings landscape, with accounts insured up to $5,000,000, so you know your savings and contributions are safe. The trust professionals have also built accessible and practical online tools, such as this college savings calculator, that offer the child’s parents an ideal way to stay on top of the account and connect with advisors throughout the process to ensure the child’s future college education is in good hands.
This also allows you to give a valuable monetary gift without having to worry about being financially savvy or managing the account yourself. If you feel a little intimidated by the idea of making gift deposits because you are not familiar with how a trust works or don’t know much about college savings strategies, that knowledge is not at all needed to make contributions. College Savings Trust has made the process quick and simple so anybody can easily make a deposit and give the gift of education. All you have to do is make the contribution through the secure website, and the professionals will take care of the rest.
Makes for a Unique and Useful Gift Idea
A fantastic way contributing to a College Savings Trust is advantageous is that it gives you a very thoughtful and unique gift idea that’s perfect for all occasions. Whether it happens to be a birthday, graduation, Christmas, or even a baby shower, making a gift deposit to your loved one’s account is a way for you to open future opportunities by making college just a little more affordable for the parents and child with each contribution you make. Long gone are the days of stressful brainstorming sessions about what to get for every holiday or special event. Now that you can make deposits to a child’s College Savings Trust, the guess work has been taken out of the gift decision process.
Prime Trust has made it fast and convenient to be able to make gift contributions to the savings trust. Parents simply send a secure, personalized link to friends or family members who wish to make a deposit directly into the account. Once you click on the link, you are directed to the page where, in just a few minutes, you can make a deposit of any amount towards the child’s college education, as often as you’d like. With the cost of tuition and other college expenses on the rise, any financial assistance in this area is sure to be appreciated by both parents and their child.
Helping Those You Care About Most
For many individuals, the ability to pay for the entirety of their child’s college education with only their incomes is not a realistic goal. Usually some kind of financial assistance, often in the form of federal or private student loans, is needed to cover the full expense of college and can leave people with extensive student debt after graduation. If you find yourself in a position to offer a helping hand when it comes to funding a child’s college education, there is no better way than to share that with the people you care about the most by contributing to their College Savings Trust. Even a modest gift today can make a lasting difference in the end.