Financial expert outlines college savings strategies

MILWAUKEE (CBS 58) -- With tuition costs continuing to rise, saving for college has become a pressing concern for many families.

Tony Drake from Drake & Associates joined us on Wednesday, Sept. 18 to discuss strategies to help parents prepare financially for their children's education.

He outlined options such as 529 plans, which offer tax-free growth when used for qualified educational expenses and can be contributed to by anyone. He also mentioned Roth IRAs and custodial accounts as alternative savings methods.

Drake cautioned parents to consider the long-term impact of student loans and to estimate monthly payments before borrowing, and for families to plan to begin saving as early as possible to pay for a college education.