Saving for College
Saving for college has never been more important than it is today. However, with all of the college savings options out there, many families don't know where to start. Thrivent Financial can help you navigate all the way to graduation.
We can help you:
- Explore 529 plans and Coverdell accounts.
- Save for college and retirement at the same time.
- Consider funding from life insurance.
- Explore other savings options.
- Learn about Thrivent's uPLAN College Planning Program and College Planning workshop.
Funding Bright Futures
If you start early and explore various funding options, saving for college can be less daunting. Thrivent is here to guide you and your family along the way.
Look into 529 plans1 & Coverdell accounts
Setting aside money now for future college costs is wise planning, and good options may include a 529 college savings plan or Coverdell Education Savings Account. Contact a Thrivent Financial representative to learn more.
- Potential for tax-deferred growth.
- Possible state and/or federal income tax advantages.
Save for college & retirement at the same time
Did you know that individual retirement accounts (IRAs) can be used for qualified higher education expenses? It's a possibility, so talk to your Thrivent Financial representative to determine if an IRA makes sense for your family and discuss how an IRA could affect your student's federal financial aid eligibility.
- Offers tax-deferred growth potential.
- Allows savings to be used for retirement if not needed for college.
Consider funding from life insurance2
If you have permanent life insurance to protect family members who depend on you, consider using the contract's cash value to pay for educational expenses. Talk with your representative to learn how life insurance cash value may affect your student's federal financial aid eligibility.
- Cash value grows potentially income tax-deferred.
Explore other college savings options
Your education funding strategies can take many forms. Other options include personal investment and savings accounts, Uniform Gifts/Transfers to Minors Act (UGMA/UTMA) accounts and trust accounts. Contact a Thrivent Financial representative to learn more. You'll get flexible savings options and you can potentially use funds for expenses beyond education.
- Ensure assets benefit the child.
- Talk with your representative to learn how options may affect your student's federal financial aid eligibility.
Check out Thrivent's uPLAN College Planning program
These days, it's not enough to just save money for college. It's about figuring out what you can afford to spend and finding ways to make your dollars go further. With a team of representatives specially trained in college planning, Thrivent can help you design your family's college plan and choose the right tools. Contact Thrivent's uPLAN College Planning program to learn more.
- Create a college plan while still saving for other financial goals and retirement.
- Know in advance what specific sources of funds you'll use for college expenses.
Attend a uPLAN College Planning Strategies workshop
Designed especially for parents of high school students, our College Planning Strategies workshop* will teach you how academics, admissions and financial strategies can work together to help save you money. Find a workshop near you.
- Help avoid expensive mistakes when choosing a college.
- Discover college funding sources.
* Available in Arizona, California, Colorado, Illinois, Iowa, Michigan, Minnesota, New York, Pennsylvania, Texas, Washington and Wisconsin.
"There's a trust factor here; Thrivent has the support of our family and our church family."*
* The member's experience may not be representative of the experience of other members. This story is also not indicative of future performance or success.
Thrivent Financial and its representatives and employees cannot provide legal, accounting, or tax advice or services. Refer your clients to their attorney and/or tax professional for additional information.
Guarantees are backed by the financial strength and claims paying ability of Thrivent Financial.
This is a solicitation for insurance. A Thrivent Financial representative may contact you.
1 Offered through a brokerage arrangement with Thrivent Investment Management Inc. Funds invested in 529 college savings plans have no bank guarantee, are not FDIC insured and may lose value.
You are advised to consider the investment objectives, risks, and charges and expenses associated with 529 college savings plans before investing. More information on 529 college savings plans is available in the issuer's official statement. Read the official statement carefully before investing.
You should investigate whether your state or your beneficiary's state offers a qualified tuition plan for its residents and consider what, if any, potential state income tax advantages or other benefits it offers. Please consult with a tax professional to receive tax analysis of the investments.
A $70,000 gift is viewed as an accelerated gift over five years. Any other gifts made to the same beneficiary by the contributor within the five years may result in a federal gift-tax liability. If the contributor dies within the five year period, a prorated portion of the contribution may be included in their taxable estate.
Distributions from 529 plans are tax free if used for eligible higher education costs.
2 Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.