Susan Tompor Detroit Free Press Published 6:00 AM EST Nov 21, 2018 Looking for a clever way to give money — something beyond shoving cash in an envelope — remains a fun challenge during the holidays. I was thrilled, for example, when I spotted some clear plastic ornaments in a dollar store. My brainstorm: Use some shredded currency that I had sitting around the house as a base — or maybe use some sparkly tinsel — and put some real cash into the ornament. What a cool way to give anywhere from $5 to $50. (Yes, look closely. The photo includes shredded currency, not another shredded green-brown mix that voters recently supported legalizing for recreational use in Michigan.) Many grandparents, as well as aunts and uncles, may be looking for money-wise gifts, such as helping to pay down student loans or even figuring out new ways to cut loose from our money-obsessed culture. Here's a look at three on-the-money … [Read more...] about Donation to 529 college savings plan a great gift for kids
Open 529 college savings plan
Friday October 26, 2018 02:26 PM Total investments are at a record $328.98 billion. If you've opened a 529 college savings account, you may wonder if it's looking good. You look at your account balance and think, "How do I stack up? Am I on target?" Or maybe you're thinking about opening a 529, but you're hesitant because you don't understand how they work and how much money can be put in them. Or maybe you've heard that you can get federal tax benefits, but you're unsure whether your state offers income tax deductions or credits.Where can you get the information?Fresh data from surveys taken by several college savings organizations offer some measuring sticks on the popular 529 accounts, which are offered by nearly every state and provide tax-free benefits on distributions used for qualified education expenses.First, some numbers:Total investments in 529 plans reached a record $328.98 billion at mid-2018, according to a survey by the College Savings Plans Network … [Read more...] about Kids and Money: Checking the health of 529 college savings plans
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Michelle Singletary Washington Post October 06, 2018 WASHINGTON — The cost of college just keeps climbing, so it’s never too early to start planning for how you will pay for it.And if you think your highly gifted student athlete or academic prodigy will win a full ride so you don’t have to save, you should know that the odds are not in your favor. Sure, there is a lot of private and school-funded aid, but it’s stretched among so many students that it’s not enough for most families.The 2019-2020 Free Application for Federal Student Aid (FAFSA) is now available, allowing students and their parents to fill out the form they hope will lead to money to pay for college. But in most cases, the aid won’t come close to covering the cost of four years of tuition, fees, room and board. Advertisement While it’s definitely still … [Read more...] about The average 529 college savings account hits a record high. But it’s still not enough.
Jacob Wiegand, Deseret News FILE - A graduation cap during The University of Utah's commencement ceremony at the Jon M. Huntsman Center on Thursday, May 3, 2018, in Salt Lake City. SALT LAKE CITY — Utah's college savings plan, my529, has more than $13 billion in assets under management, the plan's managers announced Tuesday. This milestone comes less than a year after the plan reached $12 billion in assets under management, which was achieved in January. Formerly the Utah Educational Savings Plan, my529 is Utah’s official nonprofit 529 college savings plan. The plan has been recognized by the financial press and consumer experts for its low fees and industry innovations such as customized allocation investment options. According to a my529 press release, the $13 billion milestone "indicates that families value investing for higher education." It notes a 2018 report by Sallie Mae Bank that showed saving for college was a top priority for parents after emergency savings … [Read more...] about Utah’s college savings plan managing more than $13B in assets
Susan Tompor Detroit Free Press Personal Finance Columnist Published 12:04 p.m. UTC May 26, 2018 Jon and Sally Dean signed up for Michigan's prepaid college tuition plan when their daughter Alexandra was age 2. The couple spent around $6,500 for each year of prepaid tuition — around $26,000 total — and made sure they paid the bill off long before their daughter stepped foot into Grosse Pointe North High School. "It just became a bill we had every year for 10 years," said Dean, 45, who lives in Grosse Pointe Woods. "It's non-negotiable. We paid for it. We needed to do it." The Dean family treated the expense a lot like a mortgage — something that took priority before any talk about the prospect of big vacations or luxury cars. It's a commitment that paid off. Alexandra Dean graduates in June and heads to Michigan State University in the fall with four years of tuition already covered. The MET contract does not cover room and … [Read more...] about Here’s why you should give 529 college savings plans a second look