Saving for College
Saving for college has never been more important than it is today. However, with all of the savings options out there, many families don't know where to start. Thrivent Financial can help you with your college planning needs and navigate you all the way to graduation and beyond.
Which college savings method is best for you?
Our handy college savings comparison chart can help you understand more about some common college savings choices.
Compare college savings
Consider private student loans
Whether you attend a Christian college out in the country or one in a big city, you may need more than what federal student aid can offer. Private student loans can help fill the gap.
Consider private student loans
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.
Quickly compare 529 plans & Coverdell ESAs
529 savings plan Coverdell ESA Sponsored by states and administered by
Offered by banks and financial institutions. Contribution limit varies by state, but generally high. Contribution limit of $2,000 per year. Options may include prepaid tuition units or preapproved market-based investments. Broad range of investment options. Anyone can contribute, regardless of income level. Anyone can contribute, but income restrictions apply. May not always be the most efficient savings tool for all savers. May not always be the most efficient savings tool for all savers.
Explore UGMA/UTMA accounts & other savings tools
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.
- May negatively affect your student's federal financial aid eligibility – talk with your representative to learn more.
Understand your federal student loan options
If you need to borrow money to help pay for college, you're not alone! Start by checking out your federal student loan options. This type of financial aid is funded directly from the federal government and typically offers low interest rates and flexible repayment options. Federal student aid is awarded by your school's financial aid office. And while you must fill out the Free Application for Federal Student Aid (FAFSA), you should also check with your school about any additional application materials it may require.
- Most federal aid is based on financial need.
- Some federal student loans may be subsidized, which means the U.S. government pays your loan interest as long as you're enrolled in school at least half-time.
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. If you're looking for family financial guidance for life after high school, Thrivent's uPLAN College Planning program can help.
- Create a college plan while still saving for other financial goals and retirement.
- Attend free college planning workshops* for guidance on saving, applying and going to college.
* Available in Arizona, California, Colorado, Florida, Illinois, Iowa, Maryland, Michigan, Minnesota, Missouri, New Jersey, Nevada, New York, Pennsylvania, Texas, Virginia, 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 the same as other members' and does not indicate 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 his or her taxable estate.
Distributions from 529 plans are tax-free if used for eligible higher education costs.