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Save for College

Open (even more) college doors.

Your little ones have big dreams, and we're here to help set them up for success. There's a lot to think about when it comes to saving for your child's higher education: in-state benefits, investment options, age limits for beneficiaries, maximum contribution limits—enough info to fill its own college course! Northwestern Mutual has the tools and expertise your future college student needs to shoot for the stars.

Products & Services
to help you get to your goal

Tools to help make sure your saving strategy is on track

From kindergarten to grad school, we'll help you plan so you can fund your little one's education without worry.

More about how we plan

College Savings Plans

529s are just one way to save for a college education. We can help you navigate the ins and outs of Coverdell Educational Savings Accounts, tax-advantaged custodial accounts, life insurance policies1, Roth IRAs, and investments like stocks and bonds to figure out the best way for you to finance higher education.

More About College Savings Plans

529 Plans

With student loan debt at an all-time high, it's smart to start planning for your family's education early. Enter the 529 plan. We'll help you navigate specific 529 plan requirements, benefits, and tax advantages so you get the right plan for your future college kid.2

More About 529 Plans

Did you know?

You can use accounts that offer tax-free withdrawals for education expenses, including tuition and room and board.2

Take the next step.

Our financial advisors can help you plan for your
little one's education. Then get to your next goal.
And the next.

Let's Talk

1Your policy's cash value typically becomes a useful source of funds only after several years of premium payments, which allows the cash value to build up. Each method of utilizing your policy's cash value has advantages and disadvantages and is subject to different tax consequences. Surrenders of, withdrawals from and loans against a policy will reduce the policy's cash surrender value and death benefit and may also affect any dividends paid on the policy. As a general rule, surrenders and withdrawals are taxable to the extent they exceed the cost basis of the policy, while loans are not taxable when taken. Loans taken against a life insurance policy can have adverse effects if not managed properly. Policy loans and automatic premium loans, including any accrued interest, must be repaid in cash or from policy values upon policy termination or the death of the insured. Repayment of loans from policy values (other than death proceeds) can potentially trigger a significant tax liability, and there may be little or no cash value remaining in the policy to pay the tax. If loans equal or exceed the cash value, the policy will terminate if additional cash payments are not made. Policyowners should consult with their tax advisors about the potential impact of any surrenders, withdrawals or loans.

2Distributions taken from a 529 plan for qualified higher education (post-secondary) expenses are exempt from federal income tax and, in some states, are also free from state income tax.