Last week I got all excited when one of Princess D’s homework assignments was to make a college pennant because it is college awareness week at her school. So, I used the opportunity to teach her a little bit about my alma mater, University of San Diego. I know when the time comes she will choose where she wants to go, but my dream is for her to go to USD, with the help of financial aid and a swimming scholarship (or any scholarship, really). If she does choose to follow my footsteps I better have enough money saved up to cover the rest of the cost!
Recently I posted a survey asking if you have started a college fund for you kids. The results were interesting:
Do you have a savings plan for child’s college education?
Yes – 71.43%
No – 28.57%
Regarding your child’s college education:
I’m confident I can save enough – 40.74%
I’m nervous that I can’t save enough – 51.85%
I haven’t really thought about it – 7.41%
A few of years ago I started saving for Princess D’s college fund thinking that it was all I needed to do. I had no idea about the California’s 529 College Savings Plan or ScholarShare and how they could really help me grow Princess D’s college fund.
Last week I enjoyed dinner at Searsucker with a few of ScholarShare’s finest team members. They explained that a 529 College Savings Plan is like a 401(k), but instead of retirement this savings is for a higher education; and ScholarShare is like a financial advisement firm. My other questions are probably the same that you have …
WHAT WILL IT COST ME: You only need $25 to open an account. Once an account is opened for a child their family and friends can contribute to it. There is a low, annual asset-based fee and no annual account maintenance fees. ScholarShare one of the lowest cost 529 plans in the country.
WHAT CAN THE MONEY BE USED FOR: It qualifies for many schools nationwide and abroad — undergraduate and graduate programs, community colleges and trade schools. It can be used on tuition, fees, books, supplies, and equipment required for enrollment or attendance, as well as certain room and board expenses.
HOW IS MY MONEY INVESTED: There are 19 investment portfilios you can choose from. Account owners control the selection of ScholarShare investment portfolios, withdrawals, and who the beneficiary is.
SILVER LINING: Any earnings are defered from California state and federal income tax. Money you withdraw to pay for qualified higher education expenses is also free from state and federal income tax.
ScholarShare’s website has informational tools to help parents prepare a college savings plan to meet your needs, including a new Risk Tolerance Questionnaire. Also, ScholarShare a mobile site with full account management capabilities and a mobile app called College Savings Planner.
My daughter deserves the best education and the ScholarShare 529 College Savings Plan can help me give it to her!
This is a sponsored post from One2One Network and Scholarshare. While I did receive compensation for this post all opinions stated are my own.