10 Ways to Gift College to Your Grandchild
Many grandparents want to leave an educational legacy by helping fund a grandchild’s college education. Grandparents recognize the value of education, and want to see their children graduate without excessive student loan debt.
1. Pay tuition directly to your grandchild’s school
2. Offer your grandchild a loan
3. Pay off your grandchild’s student loans after they graduate
4. Buy your grandchild U.S. Savings Bonds
5. Set up an education trust
6. Put money into a custodial account under UGMA/UTMA for your grandchild
7. Contribute to a Coverdell Education Savings Account
8. Open a 529 plan in your own name
9. You can contribute to a 529 plan owned by your grandchild’s parent
10. You can hire a financial planner to help your grandchild with planning for college
It is important to do your research on items above to ensure it is the best choice for you and the future of your grandchild.