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Just how much future tuition a deposit today buys depends on which college your child attends, the number of years until your child enrolls and the discount rate the college offers.
FORBES: Pay Now, Learn Later
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More precisely, it may be partly free of tax, depending on your income and on how much of the bond proceeds go to tuition and fees.
FORBES: Paying For College: A Tax Dodge For College Students
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The difference between what the college will provide and how much you actually have to lay out for tuition, room, board, books, and general living expenses is what is called the expected family contribution.
FORBES: Accepted, Rejected, Wait-Listed -- Now What?