First, let's pick your money goal
Great! You're planning for future education expenses.
Whether you're saving for college, an apprenticeship, or another education milestone, there are a few types of accounts designed to help you reach your goal.
College expenses 
Apprenticeship costs 
K-12 tuition
Based on your education goal, you've got options
Consider a 529 savings plan
529 savings plans are flexible, tax-advantaged accounts designed specifically for education savings.
- Earnings grow tax deferred and withdrawals are tax-free for qualified expenses
- State tax incentives are offered by some states for contributions by state residents1
- No annual account fees & no account minimums
- Flexibility to change your account beneficiary anytime to an eligible family member if the student gets a scholarship or decides not to go to college2
- Investments options from a menu of portfolios managed by professional fund managers
- Little effect on financial aid eligibility because the Expected Family Contribution (EFC) formula used to determine federal student aid considers 529 plans an asset of the parent, not the student3
Other ways to save for a child
While 529 savings plans offer a range of benefits and tax advantages5, there are other accounts you might consider that could make sense for your goals.
Women carry 2/3 of all student loan debt and take nearly two years longer to pay it back.
Why? It's true more women are earning college degrees than men, but women with bachelor's degrees are paid 79% as much as their male counterparts making it harder to pay back loans at the same rate.1
If a 529 plan feels right, let's cover what you'll need to get started
Consider which plan you want
You can choose one from any state (don't worry – your student isn't limited to schools in just that state). But make sure you consider a plan from your own state (or the beneficiary's state of residence) because they may offer more benefits and state tax advantages to their residents only.
We offer Fidelity-managed, state-specific plans in AZ, CT, MA, NH, and DE. The NH plan is a national plan, called the UNIQUE College Investing Plan (sponsored by the state of NH).
Consider which strategy you want
Age-based
An age-based or "target date" strategy is easy to set up and offers a professionally managed portfolio. The strategy adjusts according to the beneficiary's birth year, automatically becoming more conservative as the beneficiary nears college age.
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Custom
If you prefer to choose your own mix of professionally managed portfolios that align with your risk tolerance or preferred investment exposure, you can opt to customize your allocations (where you want your money invested) and choose from static, individual and age-based strategies.
You'll need the beneficiary's name, date of birth, and Social Security number.
We love your questions
Sometimes a conversation is what you need to get started (or keep going). Talk to a financial professional (for free) to help you plan for the things that can affect women's finances—from living longer to higher health care costs. We got you.
Call us anytime at 1-800-FIDELITY (800-343-3548)
Not sure what to ask? Check out these conversation starters.
