With college affordability now a top concern, saving for higher education is more of a priority. Here's how friends and family can help.
With college affordability a top concern for families, saving for higher education is more of a priority.Anyone can contribute — you don’t have to be the account holder or the designated beneficiary to help grow a college savings account.Daniel Trujillo, 39, a certified public accountant in Albuquerque, New Mexico, said he was blown away when his friend suggested putting money into a college savings account in lieu of a gift for his son Teo's birthday.
Of the $6.94 billion in contributions in the most recent quarter, roughly 5.4%, or $372.6 million, came from plan gifting platforms. Even small contributions will compound over the years, he added, and can serve as "a great way to stay involved and help a kid with their future in a meaningful way." "There's some hesitation sometimes but it's not either/or — give a physical book or toy and set up a contribution," Lee said.
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