I have 4 amazing and smart kids, who all have high ambitions of colleges and universities. When we think of how much it's going to cost, we about pass out in fear and shock!!
Then we heard about the {529 Plan}:
The 529 Plan here is also known as the Arizona Family College Savings Program and is sponsored by the State of Arizona. It is a tax advantage investment program that aims to aid and give families an opportunity to financially save while affording the costs of a higher education.
There are various investment choices offered from opening a 529 account and a handful of benefits included. Benefits include an exemption of qualified distributions from federal and state taxes if applied toward college expenses, assets will not be counted toward financial awards, tax deductibles will be high as $750 per taxpayer and $1500 per married couples, accounts will grow on a regular tax-deferred basis, the versatility and flexibility of applying the plan at various accredited institutions in the U.S. and much more.
Along with the program, ACPE has continuously strived to positively encourage and improve postsecondary education for Arizonans ever since. With these upcoming celebratory 529 Plan events, ACPE hopes to reach out and inform the public on the importance of how helpful and useful a college savings program could be.
Further information about the Arizona Family College Savings Program and the upcoming events this month can be found at www.az529.gov.
{taken from http://www.arizonafoothillsmagazine.com/features/features/2814-celebrating-arizonas-529-savings-plan.html}
There is hope!! Really this is the only plan that really makes any sense {and dollars}.
Common Myths about the 529 Plan:
1. I can't afford to save for my child's education.
Fact: The Arizona 529 Plan offers a plan that starts as low at $15 a month
2. Arizona Doesn't offer a tax incentive for contributions to a 529 Plan.
Fact: Arizona residents may take advantage of the Arizona tax incentive
3. Saving in a 529 Plan will affect my child's eligibility to receive financial aid.
Fact: Since the 529 Plan is in the parents name, your child will not be affected.
4. What happens if my child decides to not go to college?
Fact: You can switch beneficiaries, or you can withrdraw at a 10% IRS penalty and subject to taxes on earnings only.
Further information about the Arizona Family College Savings Program and the upcoming events this month can be found at www.az529.gov.
Disclosure: This post is sponsored as part of the #AZ529 College Savings Month Blog Tour. However, all opinions & experiences are are entirely my own. As a parent, I think knowing options about saving for college is important!
