Lock-in Tuition

Physician's Money Digest, September15 2003, Volume 10, Issue 17

With tuition costs far outpacing theoverall inflation rate, if you could buytomorrow's college education at today'scosts, you could save big bucks. That'sthe idea behind the Independent 529Plan (888-718-7878; www.independent529plan.org), which launched earlier thismonth. How does it work? Take thecost of a year's tuition at today's pricesat the college of your choice, put thatamount into the Independent 529 Plan,and when your child gets to collegethey'll have a year's tuition paid for, nomatter what the cost is then. Nearly 300private colleges, including 7 Ivy Leagueschools, are participating in the consortium.Note: You don't have to committo a specific college, although you'll beasked to list your top 5 choices.