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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.
American College Student Debt Infographic

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 and 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.

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