Putting together a college savings plan for a child is typically a collaborative effort between the child’s parents. In order to be successful, parents should be on the same page as far as their ambitions, expectations, and how they intend to reach those savings goals with a specific college savings account. However, what’s just as important, and sometimes overlooked, is how the college savings funds can be supported by others outside of just the parents. Family and friends can play a crucial role in partnering with parents to help make their dreams of providing a college education for their child a reality.
Opening a College Savings Account as a Gift
We all inherently want to show support for our family members and friends who may be struggling to save up for their child’s college education. In some cases, they may not have any college savings accounts set up for their children due to thinking they don’t have the means or the time to do so. This is an opportunity for you to step in and help in a way that will make a meaningful impact on the child’s future. College Savings Trust, by Prime Trust, is set up specifically to allow friends and family members to easily give the gift of education by setting up an account through their website. You can open a College Savings Trust in just five minutes with an initial deposit as low as $25 to start.
The details of the account are sent directly to the parents so they are able to start making contributions towards their child’s college education right away. With the account already open and ready for deposits, all the parents will need to do is fill in the appropriate information and decide how aggressively they’d like to invest the funds, or if they would like to invest the funds at all (as parents will also have the option to leave the funds 100% FDIC-insured at all times). Additionally, parents will have the option of sharing a link with friends, grandparents, aunts, uncles, and other family members to make additional gift contributions towards the account. You can also suggest this to your other friends and loved ones who may be looking for a unique gift idea.
Gift Contributions to a College Savings Trust
With rising tuition costs and increasing college expenses on the horizon, parents will often need more help than they originally think they will. There’s no better way to show you care than by making contributions towards their child’s college savings fund and future education. Communicating with parents about the college savings goals they set for their children can help you understand their situation a little better and how much assistance they may need. Even if parents don’t express a need or concern, your help with securing a promising future for their child will be advantageous in any case.
When it comes to a College Savings Trust, gift deposits can easily be made directly to the account using a secure link provided by the parents. This prevents any confusion or uncertainty when it comes to depositing the funds. You know your contributions are going directly to the account to immediately boost the total amount and potentially build considerable interest over time. You can also make as many gift contributions as you’d like to offer as much help as possible before it’s time for the child to leave for college. There are no limits to the amount that can be deposited or the number of gift contributions that can be made to a College Savings Trust.
Providing Guidance and Structure
We’ve all heard the saying, “It takes a village to raise a child.” This can definitely apply to saving for a child’s college education as well. The professionals at College Savings Trust understand how stressful and confusing saving for college can be and have built a dedicated, knowledgeable team to help aid you throughout the process. In addition to the support provided by family and friends, College Savings Trust partners with parents to help them make the best decisions when it comes to accomplishing their college savings goals.
By designing powerful online tools and delivering proven financial insight, saving for a college education has never been easier or more convenient than with a College Savings Trust. This college savings calculator was designed to assist parents when planning out their savings strategy and to help them determine how much would need to be saved over time in order for their child’s college education expenses to be fully covered. In fact, family and friends are encouraged to use the college savings calculator as well to help parents develop a savings plan that they can stick to. Professional trust officers are also available to answer any questions you may have when it comes to setting up and investing in a College Savings Trust. The idea is to make the process as accessible and practical as possible, so that parents can feel confident and informed with a strong financial team behind them.
To make a college education achievable, parents can work together with family, friends, and financial professionals to build a strong savings plan that leads to success. College Savings Trust understands the importance of a college education and offers the tools and expertise to assist in the planning and savings process to promote collaboration between all those involved. Growing college savings funds together is the quickest and most fulfilling way to support a loved ones’ future.