Disclosure: This is a sponsored post. I was invited by Momtrends to attend this event. All opinions expressed are 100% my own.
I look at my children and know that I want only the best for them.
The future can be a scary one, especially when it involves your children's future and making sure that they get a good education. You want to make sure that you have enough saved up so that they don't end up with thousands in loans and because when your child gets accepted into the college or vocational school of their choice, money is not a factor for them and not going to that school.
|The future looks bright. Just look at these future little bloggers.|
|Miguel with the First Deputy To The Controller|
As a parent and being a part of a family who is on a fairly tight budget it can be hard to sit down and try to calculate how much it will cost for Miguel to go to college and get a degree it can be overwhelming to see so many numbers, especially since he is actually 6 years away from being a high school graduate.
This past weekend I had the great opportunity to meet the First Deputy to the controller and talk about our children's future. After listening to some speakers talk about the
NY 529 Direct College Savings Plan, I am sure of my kids having a good college education and being able to help provide one.
Did you know that a college graduate is twice more likely than a high school graduate to get a job and three times more likely than a non high school graduate to get a job.
Did you also know that there are over 80 million kids and only 10 million have a NY 529 Direct College Savings Plan. What about the other 70 million kids?
They also need to be set for college.
I hope that after reading this post you feel reassured about being ready for your child's school future and being ready money wise.
So what is a NY 529 Direct College Savings Plan?
It is basically a type of investment plan that is used for higher education and can be used or tapped into incase of an emergency that is not school related, a little more on that further down.
The NY 529 Direct College Savings Plan can be opened with as little as $25.
There is no monthly minimum or yearly contributions limits.
There is also no income restriction and anyone can open one up.
Yes, anyone. It can be a parent, grandparent, or other relative and friends. As long as he or she is a U.S. Citizen or a resident alien.
The account owner will pick who the beneficiary is and determine how the money is used.
The best part is that the NYC 529 Direct College Savings Plan is tax deferred and as a New York State Taxpayer, you can benefit from the state tax deduction.
A tax reduction of about $5,000 per year and $10,000 if you file jointly.
How does the NY 529 Direct College Savings Plan work and how can the money be used?
The money can basically be used for any kind of higher education. That includes vocational schools, graduate school, and any accredited school located over seas.
Don't take my word for it and make sure to check out their website here for a full list of schools.
It can also be used for any higher education expenses that includes books, supplies, equipment, software and computer related services.
In emergency has come up and you need money, can you tap into your childs or beneficiaries NY 529 Direct College Savings Plan?
Yes, you can like I mentioned above. You can tap into the funds in case of an emergency you will only suffer a 10% penalty.
What if your child ends up getting a scholarship and doesn't end up using the the money from his or her NY 529 Direct College Savings Plan?
Have you ever wanted to go back to school and finish your college education or go to grad school. Well, you can use that money :) Or you can switch the beneficiary and pass it over to another child you may have. There is always an option.
Still not convinced?
A few quick more facts about the NY 529 Direct College Savings Plan:
- There is no age limit for beneficiaries in the NY 529 Direct College Savings Plan.
- A beneficiary can have more than one account.
- NY 529 Direct College Savings Plan are great for birthday parties. How many times have you thought "Oh God, not one more stuffed animal. You can ask for guests to donate to your childs NY 529 Direct College Savings Plan.
- If at any moment during the setup plan online you feel frustrated or overwhelmed just call the NY 529 Direct College Savings Plan hotline and they will be happy to help you step by step and answer any questions you many have.
It is never too early to start planning for your childs education and remember that $1 saved is better than $1 borrowed.
But don't take my word for it, here are some links where you can find some more information regarding the NY 529 Direct College Savings Plan and if you have any further questions feel free to ask me and I will help in any way that I can :)
NY 529 Direct College Savings Plan Website: