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Congratulations on your upcoming arrival! It's a time filled with love and joy for you and your family.
We know you're busy making preparations, visiting doctors, and learning all there is to know so you can decide what is right for your baby. That's why we've made it easy to help you start saving for college—even before your baby arrives. Although college may seem far away, opening a T. Rowe Price College Savings Plan account early puts the power of time and earnings potential, on your side.
A 529 college savings plan is a simple, affordable way for families to put aside money for college tuition and education-related expenses. The "529" refers to the section of the Internal Revenue Code that created these plans. 529 plans offer unique benefits that make them the smartest way to save for college. Those benefits include:
The sooner you start saving, the more you’ll have for higher education expenses. It's that simple. Compounding returns can help your investments grow over time. The sooner you start investing, the longer you have for your savings to potentially grow. So put time on your side and start saving today.
The following chart illustrates how much a delay of just a couple of years could impact how much you have for college expenses when the time comes.
You can start saving even before your baby arrives. In fact, opening an account today not only means you'll have one less thing to remember to do later, but it will give your investment more time to potentially grow. Plus, you have the flexibility to make changes to your account whenever you want.
* Chart assumes a hypothetical 6% rate of return compounded monthly. This chart is for illustrative purposes and does not represent the return of any specific investment option. Making automatic monthly contributions does not assure a profit or protect against loss during varying market conditions.