We’re at the end of another school year. If you have younger kids, you might be thinking about summer camps and other activities. But in the not-too-distant future, your children will be facing a bigger transition as they head off to college. Will you be financially prepared for that day?

A college education is a good investment – college graduates earn, on average, $1 million more over their lifetimes than high school graduates, according to a study by Georgetown University – but a bachelor’s degree doesn’t come cheap. For the 2015–2016 school year, the average expense – tuition, fees, room and board – was $19,548 at a public four-year school and $43,921 at a four-year private school, according to the College Board. And by the time your children are ready for college, these costs may be considerably higher, because inflation is alive and well in the higher education arena.

Your children may be eligible for some types of financial aid and scholarships. But even so, you may want to consider some college-savings vehicles – and one of the most popular is a 529 plan.

A 529 plan offers a variety of benefits, including the following:

•High contribution limits – A 529 plan won’t limit your contributions based on your income. In all likelihood, you can contribute as much as you want to a 529 plan, as many states have contribution limits of $300,000 and up. And you can give up to $14,000 ($28,000 for a married couple filing jointly) per year, per child, without incurring any gift taxes.

•Tax advantages – Your earnings can accumulate tax free, provided they are used for qualified higher education expenses. (529 plan distributions not used for qualified expenses may be subject to federal and state income tax, and a 10 percent IRS penalty on the earnings.) Furthermore, your 529 plan contributions may be eligible for a state tax deduction or credit if you participate in your own state’s plan. But 529 plans vary, so check with your tax advisor regarding deductibility.

  •Freedom to invest in any state’s plan – You can invest in a 529 plan from any state – but that doesn’t mean your child has to go to school there. You could live in one state, invest in a second state’s plan, and send your student to school in a third state, if you choose.

•Money can be used for virtually any program – Upon graduating high school, not all kids are interested in, or prepared for, a traditional four-year college. But you can use your 529 plan to help pay for qualified expenses at a variety of educational institutions, including two-year community colleges and trade schools.

Of course, a 529 plan does have considerations you will need to think about before opening an account. For example, your 529 plan assets can affect your child’s needs-based financial aid, but it might not doom it. As long as the 529 assets are under your control, they typically will be assessed at a maximum rate of 5.64 percent in determining your family’s expected contribution under the federal financial aid formula, as opposed to the usual 20 percent rate for assets held in the student’s name. In any case, though, a 529 plan is worth considering. But don’t wait too long – as you well know, your kids seem to grow up in the blink of an eye.

This article was written by Edward Jones for use by your local Edward Jones financial adviser.

This article originally appeared on Crestview News Bulletin: SHANKLIN: A 529 plan can help with those college bills

This summer, when kids get out of school, why not come to 4-H Camp Timpoochee?

4-H Camp at Camp Timpoochee, located on Choctawhatchee Bay in Niceville, offers several activities in one week. These have included line dancing, marine science activities, kayaking, snorkeling, arts and crafts, archery, team building and camp fires.

A week at Camp Timpoochee brings a lifetime of memories, friendships, life skills, team-building skills and fun.

We are accepting applications for campers, counselors in training and youth counselors ages 14-18. You don’t have to be a 4-H member to attend Camp Timpoochee, but if you go and experience what camp and 4-H have to offer you might think about joining one of our clubs.

Youths interested in becoming a youth counselor or counselor in training must attend two training sessions in June. Youths who are counselors for overnight camp will receive 75 hours of community service, which fulfills a requirement for the Bright Futures scholarship offered in Florida.

The overnight camp’s cost is $205 per week for campers, and $150 per week for counselors and counselors in training. Scholarships are available first come, first served. There is a limited amount of spots so visit http://okaloosa.ifas.ufl.edu/4hy/ to print a packet or stop by our office, 3098 Airport Road, to pick one up. 

If you have questions about the 4-H program, clubs and camps, please call the Okaloosa County Extension office, 689-5850.

Misty Smith is an agent at the University of Florida's Institute of Food and Agricultural Sciences Extension office in Crestview.

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WANT TO GO?

WHAT: 4-H County Camp

WHEN: July 11-15

WHERE: Camp Timpoochee, Niceville

NOTES: Open to 8- to 12-year-olds for campers, and 13- to 18-year-olds for camp counselors. Registration packets available at the Okaloosa County Extension Office, 3098 Airport Road, Crestview. Deadline for registration packets is June 1.

CONTACT: 689-5850 

WHAT: 4-H County Camp

WHEN: July 11-15

WHERE: Camp Timpoochee, Niceville

NOTES: Open to 8- to 12-year-olds for campers, and 13- to 18-year-olds for camp counselors. Registration packets available at the Okaloosa County Extension Office, 3098 Airport Road, Crestview. Deadline for registration packets is June 1.

CONTACT: 689-5850

WANT TO GO?

This article originally appeared on Crestview News Bulletin: SMITH: Learn skills, make memories at 4-H Camp Timpoochee