With college costs rising faster than inflation, and need-based financial aid difficult to qualify for, you’ll likely be responsible for the vast majority of your children’s college costs. Fortunately, if you plan ahead you can take advantage  of new technology to qualify for the tax-deductible strategies discussed below. Here’s how this can dramatically reduce your family’s after-tax cost.

College Costs Escalating

According to The College Board, the average cost of college has risen to about $22,000 per year for public schools (in-state) and almost $50,000 annually for non-profit private schools, for an average of $36,000 annually. And these costs include only tuition, fees, room and board, but not books, computers, supplies, or living expenses, and are escalating at a rate faster than inflation. What’s more, if your Adjusted Gross Income (AGI) exceeds $200,000 it’s...