This is a sponsored post on behalf of ScholarShare.
ScholarShare National 529 Day
Having two children in college, we are keenly aware of how very expensive it is. We are fortunate, in that a close relative paid for my son’s first college experience (he decided after two years that this particular college just wasn’t for him). He came back home and went to the local community college for a couple of years, and he currently attends a state university. My husband and I are paying this time around and ouch – it is painful! My son will only be at the state university for two years (thank goodness), so there’s that, but when we look back on how much we could have saved by using a 529 plan, it makes us cringe just a bit.
ScholarShare offers 19 investment portfolios, giving account holders more options, depending on their savings goals and risk tolerance.
Since its inception in 1999, the number of ScholarShare accounts has grown to more than 260,000 with over $6.3 billion in total plan assets.
In 2014, ScholarShare helped California families meet their higher education needs, with nearly $300 million withdrawn by families to pay for qualified higher education expenses.
ScholarShare offers a diverse set of investment options, and provides tax-deferred growth and withdrawals free from state and federal taxes when the funds are used for qualified higher education expenses, such as tuition and fees, books or even certain room and board costs.
Any U.S. citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account, for as little as $25.
Through ScholarShare’s “Give a Gift” option, parents, grandparents, aunts, uncles and friends can open a new account as a gift or make a gift contribution to an existing one.
ScholarShare has no annual account management fee, no income limit and offers a high maximum account balance.
This is very impressive! Why pay taxes on the money you spend on your child’s college expenses when you don’t have to? That is a huge waste of money.
One other feature I really like is that family and friends can donate to exciting ScholarShare accounts (or create a new one). This is the perfect gift idea, that can start benefitting kids from an early age. Many grandparents & relatives like buying savings bonds for birthdays, Christmas, etc. (which is a fantastic idea), but to donate directly to their future? Priceless!
There is no annual account management fee with ScholarShare, and no income limit!
ScholarShare’s 529 Day Matching Promotion
There is something pretty neat (and helpful!) happening on May 29th (this Friday) – the ScholarShare 529 “You Start It, We Match It Program”. When you open a ScholarShare 529 College Savings Account on this date (Friday, May 29, 2015 from 12:01am to 11:59pm PT). ScholarShare will match $50 of your initial deposit! That is very generous, and an easy way to start building college savings right away.
This is where the fun comes in! The matching deposit of $50 will be made to the eligible ScholarShare 529 account on or before 11:59pm PT on December 15, 2015. If you have more than one child, it might be worth starting a ScholarShare 529 account for each, as there is a limit of one matching deposit per new ScholarShare account that is opened for a new beneficiary.
If you have children, I really hope you will give this some serious thought. I sometimes cannot believe how fast time flies, and when my kids were little, it seemed like they would never grow up. Although college may seem like a really long time away, it is not. It is never too early to start planning for their college education. When you are ready, make sure you visit (and hopefully sign up on) Scholar Share. Don’t forget that May 29th is the day to do this if you want to take advantage of the ScholarShare National 529 Day!