There is no doubt that the expense of sending a child to college is increasing every year. Although there are a variety of student loans and grants available, they often do not cover the entire cost of a college education. In addition, such methods of financing a child’s education often leave a struggling college graduate with large amounts of debt. At GradSave, parents have another option for helping their children pay for the expense of college without having to rely on student loans.
What Is Grad Save?
Grad Save is a college savings plan that allows parents to create a free profile for their child, and then provides family members or friends a way to give the gift of money for college to their loved ones. Registering a child takes only minutes, and parents can share their child’s personal URL via social networking sites or email. People can purchase a GradSave gift card that can be redeemed on the site, or they can go directly to the site and deposit into the child’s account.
How Can Grad Save Help with College Expenses?
GradSave can help parents with college expenses by offering friends and family the option of giving a Grad Save gift card for important occasions like birthdays or holidays. In truth, most parents find a way to provide all their children need in terms of clothing and toys. However, finding additional money to save for a college education is not as simple. With GradSave, parents can ask for gift cards or donations instead of presents for their children.
Why Choose Grad Save?
There are a variety of reasons why parents might choose Grad Save as a college savings plan for their children.
- It can eliminate the need for student loans, which allows new college graduates to focus on their futures without the burden of student loan debt.
- It gives friends and family members the opportunity to provide valuable gifts that will help provide for a better future.
- Grad Save accounts can be linked with many different 529 Plans, which is a tax benefit to parents.
- When Grad Save accounts are combined with 529 plans, the giver can be certain that any funds given will be used only for educational expenses.
- With GradSave, gift giving is as easy as using a major credit or debit card, or by purchasing a GradSave gift card.
- An up-to-date website gives parents access to their child’s savings plan with just a few clicks of the mouse. From redeeming gift cards to transferring funds to an existing 529 plan, everything can be completed in just a few minutes.
- If a 529 plan is not already in place, Grad Save will hold the funds in an FDIC insured account through Bank of America. All account numbers and personal information is kept on file, so all parents need to do to manage their accounts is remember their login information.
Although there are many different options for helping children pay for college, most parents would like to avoid seeing their children saddled with student loan debt. Using Grad Save is one of the best ways to save for a child’s educational expenses, as well as allow their loved ones to contribute to their future success.