By Dawn Hall, Executive Director of the IDeal – Idaho College Savings Program

January 28, 2025

One of the most impactful things I’ve learned since taking this job is that if a child has a college savings account with as little as $25 in it, they are up to 7 times more likely to go on to higher education and up to 7 times more likely to finish.*

We hear people say, “I can’t afford to save for their entire education, so why start.” Or “I want to save for education for my kids; I just haven’t started yet.”  Or “I don’t know if my kid will go to college.”

Here’s my response, “It’s easy to get started and costs less than most people think. You decide when and how much to contribute. It will support whatever path they choose, and you don’t have to do it alone!”

Most states offer a 529 state plan with tax benefits for contributions. The plans can be used nationwide at eligible colleges, universities, and vocational schools, as well as for registered apprenticeships and student loan repayment.

Follow these simple steps to get started, and remember, the earlier you start, the more time the fund has to grow. To find a plan, go HERE.

  1. Enroll
  2. Select your investment strategy
  3. Set your contribution strategy
  4. Request friends and family help
  5. Monitor the account

1. Go to the website of the plan you want to enroll in. You will need about 15 minutes, your information, and basic information for the beneficiary, such as birthdate, social security number, address, and name.

2. Plans have flexible options that fit your needs and help available to assist you, covering a broad spectrum of investment options to suit varying comfort levels, time horizons, expectations, and personal circumstances.

3. You can contribute anytime or set recurring contributions. Setting up automatic contributions through a bank withdrawal or payroll deduction can help you stay consistent with your budget. Even small regular contributions can have a significant impact over time. Studies show employees save 75 percent more if they have a direct deposit option. (Source: ISS Market Intelligence 529 Industry Analysis May, 2019).

4. Most plans offer a gift code that links directly to your account so friends and family can give the gift of education for a birthday, holiday, special occasion, or even “just because.”

5. Many plans offer an app to help you monitor your contributions and account.

I started IDeal – Idaho College Savings Program funds for my two daughters when they were born. I wasn’t making a lot of money, but by taking it out of my check before I could spend it elsewhere, I was able to start saving. I chose the time horizon investment option and direct deposit – or set it and forget it. As I received pay increases, I increased my contributions. My oldest is using her funds now as a sophomore at Willamette University. My youngest plans to use hers for trade school training to become a welder after high school. I hope I have set them on a path that will keep them from having student loan debt after graduation and taught them the value of saving.

About the author:

Dawn Hall became the Executive Director of the IDeal – Idaho College Savings Program in July. She has two B.A. degrees and an MPA from Boise State University.

* Source: https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1425&context=csd_research