Best College-Savings Options for Military Families

Take advantage of the GI Bill and a state-sponsored 529 plan. Also look into the Yellow Ribbon program.

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I am an active-duty Air Force member with two sons. What are the best college-savings options for military families like mine?

That’s a great question, and one that my family has dealt with ourselves. My husband, an Army surgeon, has transferred his GI Bill benefits to my 9-year-old son, which will cover some of the costs when he goes to college. We’re also supplementing that money by saving in a state-sponsored 529 college-saving plan. Here’s what you can do to make the most of both of these opportunities.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.