Start Thinking About College Savings Early

Funding your child's college education can seem like a daunting task, but if you start early you can build up substantial savings with relative ease. The power of compound interest only works when you give it plenty of time to work. Even if your son or daughter is approaching their first year of college, it isn't too late. There are many tax benefits available for college savings, so even if you can't take advantage of 10 years of growth, you might be able to save money on taxes. Find out how much money you can save for your child's education by looking at the following examples.

More information on saving for college:

• What is a 529 Plan?
• Understanding Financial Aid
• Top 5 College Saving Mistakes