{"id":52632,"date":"2015-06-18T15:33:06","date_gmt":"2015-06-18T22:33:06","guid":{"rendered":"https:\/\/www.cookiesandclogs.com\/?p=52632"},"modified":"2015-06-18T15:53:01","modified_gmt":"2015-06-18T22:53:01","slug":"scholarshare-529-college-savings-plan","status":"publish","type":"post","link":"https:\/\/www.cookiesandclogs.com\/scholarshare-529-college-savings-plan\/","title":{"rendered":"All About the ScholarShare 529 College Savings Plan"},"content":{"rendered":"

\"dnote_05\"<\/p>\n

When it comes to education after high school, the sheer number of options is mind-boggling. So, to clear up some confusion, I wanted to share with you some of the information I gleaned during\u00a0my meeting with ScholarShare<\/a> last month.<\/p>\n

\"Education<\/p>\n

Why Should Parents Consider a 529 College Savings Plan?<\/h3>\n

8 out of 10 young adults graduate college with some $28,400 in student loans and 2015 saw the most indebted class with a $35,000 debt. Paying these loans off often limit your kids\u2019 full funds and force them to postpone major life decisions like moving abroad, traveling, or even starting a family. And, for the first time, these\u00a0are overlapping as parents and grandparents are now retiring with those same education debts still haunting them. So, any way you can lessen that load now will help.<\/p>\n

Common Misconceptions<\/h3>\n

Many imagine that investing in a college savings plan means that they have to put away 100% of their children\u2019s future college tuition. That would equal to about $1725 per month from childhood. While that would be nice in an ideal world, saving that much each month is not mandatory.<\/p>\n

One major point that was stressed during our event was that a 529 plan is \u201cjust one piece of the pie when it comes to college savings.\u201d Other pieces of that \u201cpie\u201d are made up of current income, help from family, if the student has a job, financial aid, scholarships, etc.<\/p>\n

\"Education<\/p>\n

Speaking of financial aid and scholarships, it would be unwise to assume these would cover the entirely of their children\u2019s education. These usually only cover a portion of costs or may only apply to the first year. When it\u2019s time to pay out of pocket, the financial shock might be too much to bear.<\/p>\n

What is ScholarShare?<\/h3>\n

ScholarShare<\/a> is California’s 529 College Savings Plan, a state-sponsored, tax-advantaged investment vehicle designed to help and encourage families to save for future qualified higher education expenses. Just as a 401(k) plan is to retirement savings, a 529 college savings plan is for college savings.
\n\u2013 Official ScholarShare verbiage.<\/p><\/blockquote>\n

The benefits of this program are the low fees (3rd<\/sup> lowest in the country) and the professionally managed accounts with 19 different portfolios by TIAA-CREF. You can choose age-based investments, to direct your funds into conservative accounts, or to not invest in stocks at all (called Guaranteed Principle Plus). You can Rebalance, or change accounts, twice a year.<\/p>\n

To take advantage of the ScholarShare program, neither you nor the beneficiary are required to be a California resident. Family and friends are also able to contribute to the account. There are no income or age restrictions in using a plan.<\/p>\n

The funds in your ScholarShare program can be used at 4-year colleges and universities, many 2-year institutions, graduate schools, doctorate programs, vocation and technical schools, as well as many schools abroad. You don\u2019t receive a tax break on accrued funds but you can use them tax-free on qualifying purchases.<\/p>\n

ScholarShare 529 College Savings Plan Questions<\/h3>\n

Likely, this summary only covered a few of your concerns about ScholarShare<\/a> and 529 college savings plans in general. Feel free to leave a comment below with any other questions you might have and I’ll see if I can get an answer for them.<\/p>\n

This post is part of my participation as a ScholarShare Ambassador, which includes compensation and a one-day event with travel\u00a0expenses covered. All opinions are my own.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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