Skip to main content

Get a head start on college savings

Ready to get a head start on saving for college? Here are 4 strategies to help keep you on the right track.

Understand college costs

Calculating the cost of college depends on which school you choose and how much financial aid you'll receive. Start comparing public, private, community and in- and out-of-state schools to get a ballpark figure. Then estimate how to invest based on your timeframe and budget.

How much do you need to save for college?


Start saving now

With college costs on the rise, saving now can pay off later. That's because starting early allows more time and opportunity for your investments to grow—and can reduce the amount you have to borrow.

Explore 529 plans and custodial accounts

Whether you're investing for a child, grandchild, family member or even yourself, you can find the right account to meet your college planning goals.

529 college savings plans

Tax-advantaged, state-operated investment plans with high contribution limits to help you pay for college expenses.

Custodial accounts (UGMA/UTMA)

Taxable accounts opened on a child's behalf that can be used for education or any expense that benefits that child.
Compare college savings plans to see which may be right for you.

Balance college savings with other life priorities

Investing in your child's education is a goal that should be set with other life priorities, like retirement. Instead of tapping into your nest egg, consider all college funding sources to avoid jeopardizing your own financial health.
Looking for investment advice and guidance?
Meet with a Financial Solutions Advisor at more than 2,000 select Bank of America financial centers.
Or call us 24/7 at 866.460.1282

Important disclosures

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.