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.

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.

American College Student Debt Infographic

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.
  • Quickly compare 529 plans & Coverdell ESAs
    529 savings plan Coverdell ESA
    Sponsored by states and administered by
    state-appointed institutions.
    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.

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