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Saving for College

One of the best ways to deal with the cost of college is to start saving when your child is young. It works especially well if you can save a certain amount on a regular basis, such as through payroll deduction. But it’s not too late to start saving, even if your child is already in high school. You may not be able to save as much, but every dollar you do save is a dollar that you or your student won’t have to borrow to pay for college.

You need to be realistic about how much you can save. You also need to pick the saving option that will work best for you. The two major types are called Coverdell accounts and 529 plans.

The Kentucky Education Savings Plan Trust (KESPT) is the state's offical 529 plan.