News @ Noon: Minnesota College Savings Plan Helps Families Prepare For College [AUDIO]
UNDATED - Thousands of area kids are preparing to graduate from high school in the next few weeks. That means college, and the big bills that come with it, are next. Tomorrow (Thursday) is national 5-29 Day. The date is designated as a time to call attention to the importance of saving money for college. 5-29 refers to the IRS code for college saving.
Robert Stern is the Program Manager for the Minnesota College Savings Plan. He says you can start a college savings plan for as little as $25.
However, Stern says the average account has just $18,000 in it, well below the expected cost of a four-year degree. The plan is flexible, you can put in a lump sum when you want, or have money deducted from each paycheck.
He says setting-up a college fund for your kids at a young age can really pay off.
For more information, or to set-up an account, go to the website - mnsaves.org.