State's CollegeChoice 529 plan makes preparing for college expenses flexible, affordable
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Parents interested in saving money to send their children to college are reminded of an affordable, flexible option - a tax-advantaged savings plan sponsored by the state of Indiana called CollegeChoice 529.
According to CollegeChoice officials, in 18 years, the estimated tuition and fees for a 4-year public college will be $82,225. By the time youngsters reach third grade, they are already halfway to college age - which means as parents are helping their children learn to read, they've also got just nine years before those tuition bills are in their mailboxes.
Based on the idea that it's never too early to start saving for your child's education, the CollegeChoice 529 Direct Savings Plan gives Hoosier parents an opportunity to start financially preparing at a time that works best for them - and at a pace that works for them.
With as little as $25, parents can open a CollegeChoice 529 account and continue to make contributions of $25 or more. Other benefits to the plan include tax-deferred growth, large contribution limits, a variety of investment options and professional investment management. Additionally, Indiana taxpayers contributing to the plan are eligible for a state income tax credit of 20 percent of their contributions, up to $1,000 per year.
When Hoosiers enroll in the plan, they may choose to invest in one or more of eight different investment options, including an age-based option that automatically rebalances an asset mix as a child nears college age.
At the time the plan's beneficiary decides to attend college, he or she may use the assets toward the costs of any U.S.-accredited college, university, graduate school or technical school eligible to participate in U.S. Department of Education student financial aid programs. Qualified education ex collegephotopenses include tuition, some room and board costs, fees, books and supplies.
If the beneficiary decides not to seek higher education, the account owner can select another beneficiary who is a qualified member of the same family as the original beneficiary. Account owners may also select themselves as beneficiaries.
CollegeChoice 529 is offered by the Indiana Education Savings Authority and managed by Upromise Investments, Inc.
For more information or to open an account, visit www.indianas529.com or call 1-866-485-9383.
Parents interested in saving money to send their children to college are reminded of an affordable, flexible option - a tax-advantaged savings plan sponsored by the state of Indiana called CollegeChoice 529.
According to CollegeChoice officials, in 18 years, the estimated tuition and fees for a 4-year public college will be $82,225. By the time youngsters reach third grade, they are already halfway to college age - which means as parents are helping their children learn to read, they've also got just nine years before those tuition bills are in their mailboxes.
Based on the idea that it's never too early to start saving for your child's education, the CollegeChoice 529 Direct Savings Plan gives Hoosier parents an opportunity to start financially preparing at a time that works best for them - and at a pace that works for them.
With as little as $25, parents can open a CollegeChoice 529 account and continue to make contributions of $25 or more. Other benefits to the plan include tax-deferred growth, large contribution limits, a variety of investment options and professional investment management. Additionally, Indiana taxpayers contributing to the plan are eligible for a state income tax credit of 20 percent of their contributions, up to $1,000 per year.
When Hoosiers enroll in the plan, they may choose to invest in one or more of eight different investment options, including an age-based option that automatically rebalances an asset mix as a child nears college age.
At the time the plan's beneficiary decides to attend college, he or she may use the assets toward the costs of any U.S.-accredited college, university, graduate school or technical school eligible to participate in U.S. Department of Education student financial aid programs. Qualified education ex collegephotopenses include tuition, some room and board costs, fees, books and supplies.
If the beneficiary decides not to seek higher education, the account owner can select another beneficiary who is a qualified member of the same family as the original beneficiary. Account owners may also select themselves as beneficiaries.
CollegeChoice 529 is offered by the Indiana Education Savings Authority and managed by Upromise Investments, Inc.
For more information or to open an account, visit www.indianas529.com or call 1-866-485-9383.