When I was younger I was blessed with two parents who worked very hard and were able to save money for our college education, that meant that all three of us got to graduate without any debt.
But time has changed and that means that living cost is higher than ever, making it harder to save for your child/children college education, that is if you are not informed and don't know where to look. This past weekend I got to attend a Momtrends event with the lovely people from NY529 college savings program. Valentina got to go with me and as us parents listened and got a refresher on how easy it is to save for our kids higher education, she got to bloom artistically and make some fun arts and crafts with The Craft Studio team.
Just look at all this fun arts and crafts that Valentina got to make and take home.
It was truly a great way to spend our Saturday morning. For me it was great to be reminded and be reassured that saving for my kids higher education is easy.
Quick note, the first time I learned about the NY529 College Savings Program was 2 years ago when I was also given the opportunity to open up two accounts, one for each of my kids and it's the best thing that I've done to help save for my kids future.
The NY529 College Savings Program is the best NYC college savings program out there and I'm here to tell you why, but don't take my word for it just now. Continue reading and and then you can take my word for it.
Just look at all this fun arts and crafts that Valentina got to make and take home.
It was truly a great way to spend our Saturday morning. For me it was great to be reminded and be reassured that saving for my kids higher education is easy.
Quick note, the first time I learned about the NY529 College Savings Program was 2 years ago when I was also given the opportunity to open up two accounts, one for each of my kids and it's the best thing that I've done to help save for my kids future.
The NY529 College Savings Program is the best NYC college savings program out there and I'm here to tell you why, but don't take my word for it just now. Continue reading and and then you can take my word for it.
What is the NY529 College Savings Program:
It is a type of investment plan that is used for higher education,
that includes vocational schools, graduate school, and any accredited school located over seas.
For a full list of schools, check here.
It can also be used on anything that is school related.
Example: School boarding including room expenses and school supplies such as books, equipment, software and computer related services.
Who can open a NY529 College Savings Program:
Anyone, yes anyone! Well, almost anyone as long as he or she is a U.S. Citizen or Resident Alien.
It can be a parent, grandparent, other relative or friends.
All they need is $1, yup with as low as $1 you can start saving for your child's higher education.
The account owner will pick who the beneficiary is and determine how the money is used. The best part is that the tax is deferred and as a New York State Taxpayer, you can benefit from the state tax deduction. Win-win situation when you are saving for your child's higher education.
There is no monthly minimum or yearly contributions limits.
There is also no income restriction.
What happens if your child ends up getting a scholarship and doesn't end up using the money from his or her NY529 College Savings:
Well, have you ever wanted to go back to school and finish your college education or go to grad school. If the answer is yes, i'm here to tell you that you can use that money :) Or you can switch the beneficiary and pass it over to another child you may have.
And in case there is an emergency where you need to tap into your child's or beneficiaries, you can. You will suffer a 10% penalty.
There is always an option.
That was just a quick overview of how the NY529 College Savings Program and before I finish a few more quick facts that you should know:
It is a type of investment plan that is used for higher education,
that includes vocational schools, graduate school, and any accredited school located over seas.
For a full list of schools, check here.
It can also be used on anything that is school related.
Example: School boarding including room expenses and school supplies such as books, equipment, software and computer related services.
Who can open a NY529 College Savings Program:
Anyone, yes anyone! Well, almost anyone as long as he or she is a U.S. Citizen or Resident Alien.
It can be a parent, grandparent, other relative or friends.
All they need is $1, yup with as low as $1 you can start saving for your child's higher education.
The account owner will pick who the beneficiary is and determine how the money is used. The best part is that the tax is deferred and as a New York State Taxpayer, you can benefit from the state tax deduction. Win-win situation when you are saving for your child's higher education.
There is also no income restriction.
What happens if your child ends up getting a scholarship and doesn't end up using the money from his or her NY529 College Savings:
Well, have you ever wanted to go back to school and finish your college education or go to grad school. If the answer is yes, i'm here to tell you that you can use that money :) Or you can switch the beneficiary and pass it over to another child you may have.
And in case there is an emergency where you need to tap into your child's or beneficiaries, you can. You will suffer a 10% penalty.
There is always an option.
That was just a quick overview of how the NY529 College Savings Program and before I finish a few more quick facts that you should know:
- A beneficiary can have more than one account.
- NY529 College Savings Program are great for birthday parties. How many times have you thought "Oh God, not another toy or stuffed animal" You can ask for guests to donate to your child's account instead.
- If at any moment during the setup plan online you feel frustrated or overwhelmed. Just call the hotline and they will be happy to help you step by step and answer any questions you may have. That's how I got to set up my children's account and it all it took was less than 40 minutes on the phone. It wasn't overwhelming and they made me feel reassured.
Now take a deep breath and rest assure that even though city living expenses have gone up and are an everyday stress, saving for your child's higher education is easy and stress-free with the help of NY529 College Savings Program.
For more information and to get started with the NY529 College Savings Program here.
Disclosure: This is a sponsored post. Compensation was provided by NY529 via Momtrends. All words and opinions expressed are 100% our own as always.
Love,
Kary xoxo
No comments