Tuition is expensive, so here are some tips.

Forbes reports.

The Best Ways For Parents To Pay For College

College is expensive, but education is purposeful. Most parents understand this and want their children to go to college. College boosts incomes. College betters society. But the monetary cost can be hard to overcome.

For parents who want to help pay for their children’s college education, there are”good” ways to do it and bad ways to do it. Let’s look at some of the best ways for parents to pay for college, as well as some strategies to avoid.

The Best Way For Parents To Pay For College

The single best way for parents to pay for college is to simply save and pay for it directly – as much as possible. The best way to save is through a 529 College Savings Plan, which parents can start at birth. When saving in a 529 plan, the money inside will grow tax free, and can be withdrawn tax free for education purposes.

For parents who didn’t open a 529 plan, they can still pay for education expenses directly to the college or university without it being considered a gift and being subject to the gift tax. This is a good option for parents who want to pay and can afford it, but maybe didn’t setup the best accounts early on.