Today, May 29th (5/29) is national college savings day!
A 529 College Saving Plan is “a tax-advantaged way for families to save money for college tuition and education-related expenses. The ‘529’ refers to the section of the Internal Revenue Code that created these plans.”
The University of Alaska College Saving Plan (CSP) is an easy, tax-advantaged way to save for future college expenses. Benefits of the UA CSP are:
- Anyone can open or contribute to a 529 account—relatives and friends.
- A low minimum investment—you can start with as little as $25/month.
- Your and/or your child’s PFD can be used to fund an account.
- Any earnings are tax-deferred and you pay no federal taxes on withdrawals for qualified educational expenses.
- No income restrictions.
- ACT Portfolio carries a tuition value guarantee.
- A variety of low cost, no load and no commission investment options.
- Gift and Estate Tax benefits.
- Account holders choose how and when funds are used.
- Professional investment management by T. Rowe Price.
For more information visit the UA CSP website.