College Connection
 


COLLEGE CONNECTION ARCHIVES
Those Pesky Entrance Exams

Creative College Savings
By Anita Glick


The College Connection is your guide to all things College.  It will provide parents and kids with useful tips, helpful insights, and up to the minute information about preparing for college, surviving the admissions process, as well as trends and life on campus.  Stick with me, and the transition from high school to college will be a breeze!


Can’t think of a good gift for the college-bound child and worried parents? Try these ideas:

  • College Gift Registries. People do it for weddings, so why not for college? Instead of costly birthday, holiday and graduation gifts, why not encourage family and friends to make online donations to a college savings plan of your choice, by going to: www.freshmanfund.com or http://uii.s.upromise.com   

  • Credit Card Rewards. Some credit card companies now allow you to kick money back into your 539 college savings plans, from your everyday purchases. Fidelity now has an American Express card that offers a two percent rebate on all purchases (www.babymint.com). Also check out:  Futuretrust (www.futuretrust.com) and Freshman Fund (www.freshmanfund.com)

  • Sell or Swap Books. All done with your books for the semester? Turn them back into cash or books for the following semester. Go to: www.campusbookswap.org.

  • Tax-Free Money for Computers. Parents and students are now allowed to take money out of 529 college savings funds to buy computer equipment tax-free.  This includes Internet access, educational software, printers and computers used by students enrolled in eligible educational institutions. 
    For more information,
    visit the IRS web site: http://www.irs.gov/newsroom/article/0,,id=213012,00.html

  • Tax Credit. The federal government’s stimulus package allows for a $2,500 tax credit for anyone going to college this year, or for parents paying for their children’s college tuition; this applies only to children who are claimed on your 2009 tax return. The tax credit will be a line item on your 2009 tax return.

Tell is what you think of this topic by sending us a comment on our Parent Exchange.

Anita is a college essay consultant and freelance writer. She can be contacted at stoa4@aol.com.

 


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