Resources for Education Financing
If you or your children are planning on going to college, scholarships can pay for some or all of your education.
Always look for the zero cost option first. As a union member, you can check this site for possible scholarship opportunities and additional information.
Your next step is to look to subsidized loans from the federal government. They are usually the lowest cost student loans available.
Federal PLUS Loans (for parents)
This link provides information on how to apply for Federal PLUS Loans.
College Savings Programs
In 1996, Congress added Section 529 to the Internal Revenue Code to allow for the creation of state-sponsored college savings plans. Through these plans, families may take advantage of generous tax breaks while saving for a child's future education. 529 plans allow you to:
Reduce your federal taxable estate
Grow federally tax-free earnings on your account1
Donate up to $55,000 per contributor in a single year for each beneficiary without triggering a federal gift tax2
Maintain control of the account, permanently.
Because 529 programs are state sponsored, individual states may offer specific benefits, such as tax deductions on contributions. The most comprehensive online 529 resource is Savingforcollege.com. Visit this site for answers to your questions, to rate your state's plan or compare plans.