Financial Advisors for College Savings Plans & Education Funds

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Elevate Your Plan

Building Higher Education and College Funds

At Midland, we understand the importance of education and are committed to helping you develop strategies to save for your loved one’s future without disrupting your overall financial goals. With a tailored approach, you can invest in their education without compromising your personal savings. Our credentialed financial advisors provide experienced, independent advice customized to your education savings needs.

Ways to Pay for College

Working with a financial advisor on your education savings strategy may help you identify account types that fit your goals and optimize your potential earnings. Our advisors are experienced with various investment vehicles for education, including:

529 Plans

Tax-advantaged accounts where parents may contribute after-tax dollars. Contributions grow tax-free and are tax deductible in many states, including Illinois and Missouri. Withdrawals for qualified education expenses are tax-exempt.

UGMA or UTMA Accounts

Custodial accounts under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA) allow asset transfers to minors, benefiting from the child's lower tax rate. These assets are not restricted to education and may affect financial aid eligibility.

ROTH IRAs

Although not traditionally for college savings, contributions may be withdrawn penalty-free for qualified higher education expenses. Withdrawn earnings will be taxed.

Trusts

Educational trusts may specify terms for disbursements, making them a popular option for parents or grandparents looking to transfer assets out of their estate for tax purposes.

Discover How Advisor-Guided Saving Plans May Benefit You

Collaborate with Qualified Financial Advisors

We'll connect you with a financial advisor who understands your unique needs and tailors their advice to your specific goals.

Your Interests Come First

We offer non-proprietary funds, allowing us to make impartial decisions that prioritize your best interests. Our goal is to allocate your money where it may benefit you the most.

Learn from Experienced Professionals

Your financial advisor brings years of experience in crafting personalized financial strategies. Our team is dedicated to managing your money with diligence and agility, offering thoughtful care in addressing your needs.

granddaughter in her cap and gown hugging her grandmother

By partnering with Midland, you can create a comprehensive education savings strategy that aligns with your financial objectives.

Saving for education requires thoughtful planning, and small contributions over time can make a significant impact. Our calculator helps you estimate how much you need to save and what it will take to reach your education funding goals. Get started on securing a bright future today.

Education Savings Planner

Your Elevated Wealth Plan Awaits

Share a few details with us, and let’s bring your vision into focus so you can realize your goals.

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Frequently Asked Questions

How much money should I save for my children’s education?

The cost of tuition may vary significantly, but a common rule of thumb is to aim to save 50% of the projected total cost of your child's college education. Starting early allows you to potentially benefit from compound growth and interest. The remaining 50% may be covered through financial aid, grants, scholarships, student loans, or other funding sources.

How late is too late to start saving for college?

There are many options available even if you're getting a late start. Consider prepaid tuition plans, 529 education savings plans, Upromise accounts, and scholarships. Encourage your child to take Advanced Placement (AP) courses in high school to earn college credit and reduce overall tuition costs. Additionally, research nearby community colleges for the first two years of schooling, which may offer reduced tuition and save on room and board.

What can you use the money for in a 529 account?

The money in 529 accounts is versatile. The beneficiary may use it for a wide range of educational expenses approved by the account owner, including:

School tuition and student loans
Textbooks and class equipment
Computers, printers, and other necessary electronics
University housing and meal plans

Prefer Personal Assistance?

Our team of dedicated professionals are here to support you.

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