Gone are the days when you could write a check and pay for a college education with one swipe of a pen. But, with careful financial planning the future cost of tuition could be easier to handle.
Certified Financial Planner Jerry Zimmerman suggests taking an aggressive approach and utilizing Michigan's savings arrangements.
Michigan has two under the umbrella term 529. The first, the Michigan Education Savings Program, allows you to put money into a savings plan. You can take the money out without having to pay income tax on it and it can even be transferred to another family member if necessary. The second is the Michigan Education Trust, a pre-paid tuition contract. It has less flexibility but locks in a specific rate.