529 Basics
A 529 plan is a tax-advantaged investment plan designed to encourage saving for the future higher education expenses of a designated beneficiary (typically one’s child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.
By Ryan Betz
Associate Director of Marketing & Communications with Washington State’s Guaranteed Education Tuition (GET) program
June 1, 2015
Fifteen years ago my cousin Michael passed away after a tragic airline accident. He was only 30 years old and had a bright future ahead of him. Over the years following my cousin’s death, my aunt and uncle searched for ways to honor Michael’s life. One of the ways they chose to recognize Michael’s contributions to the world was by establishing a 529 college savings account for both my daughter and my son. My aunt and uncle believed education was the one way Michael’s legacy could be carried on by giving my children the opportunity to follow their dreams and aspirations through a college education.
My aunt and uncle’s choice to celebrate Michael’s life through a 529 plan contribution was not based on maximizing investment returns in order to make a lot of money; it was a much deeper and meaningful decision. They simply wanted to ensure all the amazing experiences that were afforded to Michael because of his education were passed along to the next generation of our family. In fact, I remember Michael’s college graduation pretty vividly since it was the first I had ever attended. I recall thinking at the time, how cool it was that he achieved such a high level of education. That memory was left engraved in my mind and was something I circled back to when I needed a little motivation with my own studies.
Betty Lochner
Chair of the College Savings Plans Network and Director of Washington’s Guaranteed Education Tuition (GET) Program
March 3, 2015
Today, the College Savings Plans Network published its 2014 Year-End 529 Report and we’re happy with the results: growth!
Highlights from the report show:
WASHINGTON, D.C. (February 25, 2015) – Today, the U.S. House of Representatives passed H.R. 529, legislation introduced by Congresswoman Lynn Jenkins (R-KS) and Congressman Ron Kind (D-WI) that would make 529 plans more flexible by making computers an eligible education expense; allowing the redeposit of college refunds without negative tax implications in certain circumstances and updating outdated accounting rules.
Betty Lochner
Chair of the College Savings Plans Network and Director of Washington’s Guaranteed Education Tuition (GET) Program
February 19, 2015
This is a very exciting time in the College Savings world as legislation to enhance 529 savings plans has legs in Congress. In fact, H.R. 529 will likely be taken up for vote in the U.S. House of Representatives sometime next week and we want to do everything in our power to ensure that it is passed. We have mobilized our members representing 49 states with 529 Savings Plans to advocate with their Representatives to pass this proposed legislation.
Patricia Roberts Managing Director, AllianceBernstein L.P. and Chair, College Savings Plans Network Corporate Affiliates February 9, 2015 As Valentine’s Day approaches each year, I am reminded of Thomas Aquinas’ observation, […]
Betty Lochner
Chair of the College Savings Plans Network (CSPN) and Director of Washington’s Guaranteed Education Tuition (GET) Program
February 4, 2015
Last week Congresswoman Lynn Jenkins (R-KS) and Congressman Ron Kind (D-WI) introduced H.R.529, legislation in the U.S. House of Representatives that would make 529 plans more flexible and remove some of the obstacles participants face while saving for college.
By Paul Curley, CFA
Director of College Savings Research, Strategic Insight
November 10, 2014
On November 14, the inaugural CSPN Prepaid Tuition Conference 2014 will be held at the Innevation Center in Las Vegas, Nevada. Leveraging the technology within the space, Live Stream of the event will also be available.
By Ashley Murdie
Communications and Financial Literacy Director
Kansas State Treasurer’s Office
October 27, 2014
Halloween is just around the corner, and while the fear of things that creep and crawl through the night may spook others, it’s 529 myths that truly have me worried. All too often, I’ve heard the same myths regarding 529 plans used as reasons by parents for not opening an account.
It costs too much to start a 529 account.
My child will have to attend an in-state school.
I’ll lose the money if my child doesn’t go to college
Knowing that these 529 myths and others still continue to deter families from using such a valuable resource is alarming, which is why I’ve made it a personal goal of mine to squash these pesky things. I’ve compiled a list of menacing myths below that I plan to debunk in hopes that parents no longer fear the use of 529 accounts in their efforts to save for their child’s education.
By Lisa Groen
Senior Writer, Utah Educational Savings Plan (UESP)
August 28, 2014
Andres, a junior at University of Nebraska Omaha, played soccer from the time he could walk, eventually earning his way onto a soccer club’s premier team. His father shuttled him to and from games around their home state of Utah, and to summer tournaments in California, Arizona, Colorado, and Nevada.
By Joan Marshall
Executive Director, College Savings Plans of Maryland
August 4, 2014
In running two 529 plans for our state, this time of year is always busy, yet rewarding, as we help thousands of account holders pay for qualified expenses on their beneficiaries’ college bills for the fall semester. In our office, we directly manage our 529 prepaid tuition program, so I really enjoy seeing the checks that we produce on a daily basis for thousands of students who are getting ready for college life in Maryland or across the country, many of them for the first time.