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School’s Out for Summer … But Tuition Is Back in the Fall

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I can only imagine the enthusiasm of students and teachers who will finally able to be back in a classroom and learning in person as schools and campuses around the country start coming back to life this fall. As I walked around my neighborhood every morning earlier this spring, front lawns were dotted with signs pronouncing “Congratulations, graduate!” for kindergartners, fifth-graders, high school seniors, college grads and every grade in between as families celebrated these important milestones.

The experience of the pandemic has reminded us just how important and irreplaceable educational experiences are for our future generations. For those thinking about giving the gift of education to a young loved one, there’s never been a more meaningful time.

There are a few ways to make a gift that can be used for education, each with its own set of features you should evaluate thoroughly before deciding upon the right vehicle to use.

If you want to ensure your gift is used strictly for education, there are two common ways to do so. The first and most straightforward way is to directly pay for the student’s education by writing a check for their tuition payable to their educational institution. Paying for tuition in this way is an efficient way to give, as this type of support does not count toward your annual gift tax exclusion amount ($15,000 per person in 2021) or your lifetime exemption amount ($11.7 million per person) as long as the check is made payable directly to the education institution.

While writing a check is an easy way to pay for tuition due, many parents or family members start thinking about how........

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