Some people estimate by 2022 it will cost $90,000 to receive a college education at a public university.
Idaho’s 529 college savings program, IDeal, said with a cost that high it’s never too early to start saving.
IDeal offers college savings accounts that can be opened for anyone by any friend or family members.
“They have a gifting option where you can send out a social media link or email where family, friends can contribute to your account,” said Travis Schaat, a CPA who has IDeal accounts for his kids. “Grandparents will go out a lot of times and spend $25 on a toy, well, they can take that money and maybe buy a smaller toy and use some of those funds to contribute to a grand child’s college savings account.”
These accounts can be used to pay for qualified higher education expenses at any accredited post-secondary institution nationwide.
Families who open or contribute to an IDeal account by Dec. 31 can get a deduction on their 2015 state taxes.