By Devon Copeland, Senior Communications Associate, Virginia529
May 19, 2020
This graduation season doesn’t look like it has in years past, with an abbreviated academic year for many students and canceled ceremonies. It’s still important, however to congratulate 2020 graduates on a job well-done and celebrate the season no matter how different.
One fact that remains is that there’s no better gift to mark the occasion than by contributing to your loved one’s future.
Whether you are planning early for a kindergartener or rising ninth grader, or you’re celebrating a high school graduate, your loved one will appreciate a gift that grows with them. Every little bit helps, and 529 plans make it easy to save for a child’s education!
It’s easy to give your child a head start on their post-high school education by setting up a 529 plan online, and you can encourage family and friends to make gifts to that account in honor of your graduate. You can save at your own pace, plus your account grows tax-free!
In recent years, 529 plans have made it even easier to make gift contributions to a child’s account. For instance, some 529 plans like Virginia529, offer online gift portals and gift cards for family members and friends to use to contribute to your graduate’s account.
Your child’s future plans may still be broad. That’s OK! There are many paths besides college that a student can take to continue their education such as trade schools and apprenticeships. A 529 account can be used can be used for those qualified trade programs and apprenticeships, at public or private universities, graduate schools, vocational schools and private or religious K-12 schools to fund qualified higher education expenses at schools nationwide and even some overseas.
The accounts aren’t just for tuition, either! Your account can be used to pay for qualified higher education expenses including certain room and board costs, computers and related technology expenses, as well as fees, books, supplies, and other equipment.
Right now is an uncertain time, but it is still an exciting time for graduates. This year’s graduation season—just like every year—doesn’t mark the end of your student’s education. This is a new beginning.
Congratulations to the class of 2020! Invest in your child’s future this graduation season by giving the gift of college savings!
About the Author
Devon Copeland is the senior communications associate at Virginia529. Virginia529 makes education more accessible and affordable for families and individuals. With more than $74 billion in assets under management and 2.8 million accounts as of April 30, 2020. Virginia529 is the largest 529 plan in the nation. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials.