Scholarships are usually tax free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct […]

A 529 plan is a good option to save for higher education costs

The average cost for tuition and fees for an in-state public college in 2017 was just under $10,000 per year, according to the College Board. The average estimated cost for the 2018-19 year is $10,230. That does not account for room and board (mandatory for freshman at many schools), books and supplies, transportation and other […]