College Savings Plans | Northwestern Mutual

Plan for a brighter future.

When should you start a
college savings plan?

With college costs continuing to rise, it's more and more difficult to pay for higher education without turning to student loans — often six figures' worth. We can help you put together a plan that will help you start saving before they start to walk. So when they're finally old enough for college, you can spend more time helping them with applications and extracurricular activities, and less time worrying about how you're going to afford tuition.

Take the next step.

Our financial advisors can help you find the right products and services to help you save for college and show you how it fits into your bigger financial plan.

Let's Talk

How the average American family pays for college¹

Pie chart on how families pay for college

How the average American family pays for college¹

Student borrowing
Parent borrowing
Student income / savings
Grants / scholarships

How can Northwestern Mutual help you plan?

At Northwestern Mutual, we believe everything should be part of a larger financial plan, based on your unique situation. We look at everything you have going on – your goals, needs, and priorities as well as your savings and spending habits. Then we'll make recommendations that will work with your financial plan, and help you achieve everything you want. Over 4.3 million people have put their trust in Northwestern Mutual for their financial planning goals. We'd love to help you plan for your child's or grandchild's college education.

529 plans

529 plans are a flexible way for parents, grandparents or other loved ones to put money away for college tuition. A college savings plan lets you contribute to an account, which grows (tax-deferred) over time, and is also usually exempt from federal income taxes.

More about 529 Plans

Coverdell Educational Savings Accounts (ESA)

Coverdell accounts are unique, because they can be used to cover costs for kindergarten through 12th grade, as well as college. Like 529 plans, they grow tax-deferred. These accounts have a $2,000 yearly contribution limit and are subject to certain restrictions.