Looking for more financial help meeting your educational goals? A 529 plan might be your answer.
What is a 529 Plan?
A state 529 investment plan is a tax-free solution that allows you to save for future college costs, including tuition, fees, books — even room and board expenses. Every state offers at least one plan, and you don't have to be a resident of a particular state to enroll.
529 plans are flexible.
Use the funds at accredited public or private colleges or universities nationwide.
Funds grow tax deferred.
Withdrawals are free from federal income tax if used for eligible education expenses.
Plus, most states exempt earnings from state income tax, and some states allow state residents to deduct a full or partial amount of their contribution from state income taxes.
Ready to Enroll? It's an easy process.
Go to CollegeInvest to enroll in—or learn more about—529 plans offered by the state of Colorado. To learn about other states' plans, go to: A Guide to Understanding 529 Plans by the College Savings Plan Network.
Tools and Tips
Creating a financial plan for college, trade schools or additional education ahead of time will save you both time and money. When planning, consider your savings vehicle. Whatever you choose to build your plan, consider the fees, potential returns, investment options and your tolerance for risk.
- Start saving now – making regular contributions is the least painful way to save and add the benefit of compounding returns.
- Never give up – keep saving even if you are already paying for your education.
How much will you need to save?
Use this calculator to find out how much you will need to save to pay for college. You can experiment with different time frames, amounts and other variables.
Talk to a CFS* Investment Advisor* about different strategies to consider when planning for your higher education goals.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA /SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Bellco Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union customers.