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$529 Bonus to 529 Plans for 5/29 Babies

Posted by: Aron | May 31, 2013 | No Comment |

The Future Scholars, the SC 529 college savings plan, has announced that they will give a $529 bonus to any accounts opened before August 30 which list a child born on 5/29/2013 as a beneficiary. Visit their website for all the details.

Even if your child wasn’t born this past Wednesday, a 529 savings plan is a great way to prepare for college.

  1. There are tax benefits.
  2. It can really add up. $50 a month over 18 years is over $10,000, but could grow to $30,000, depending on your rate of return.
  3. Your can change the beneficiary if your child does not need the funds for college.
  4. Family members can make gift donations.
  5. It makes discussions with financial aid offices so much easier. (Oh, how I wish every conversation start with, “We’ve got thousands saved up and want to figure out how to best spread it over four years.”)
  6. It sends a strong message to your child that you expect them to attend college.

While I doubt that a lot of people reading this blog have newborns, perhaps you know someone for whom this information would be useful.

under: Financial Aid
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