Washington, DC, November 14, 2019 – As the holiday giving season approaches, 529 Education Gifting Programs and their widening array of online gifting tools, crowdfunding platforms, e-gift cards and downloadable gift certificates, are making higher education savings easier for parents, family members and friends, say members of the College Savings Foundation.
“With student loan debt soaring to $1.6-trillion, saving for a child’s higher education is climbing to the top of the wish list for many parents. 529 education gifting tools offer a streamlined solution by helping family and friends to save – and also feel good about reducing the child’s future need for debt,” said CSF Chair Richard J. Polimeni.
Among CSF members’ offerings are personalized websites for crowdfunding, online registries, electronic or physical gift cards purchasable online or at national retail and grocery chains, and downloadable gift certificates. Links and special features are included in this Infographic. https://www.collegesavingsfoundation.org/wp-content/uploads/2019/11/CSF-GIFTING-2019_20.pdf
The holidays prompt a spike in 529 education gifting contributions – although increasingly they are alsobeing used for New Year’s Resolutions, birthdays, graduations and special occasions throughout the year. Numerous CSF members report robust year-over-year growth in their gifting program contributions.
One benefit of online gifting is that parents can include a link to a child’s customized 529 education savings platform in an e-birthday invitation or social media site. New CSF data from its State of College Savingssurvey show that only one in five parents say they already ask friends or family members to make a 529 college savings contribution rather than a material gift. However, when it came to making their own education savings gifts, one third (33%) of parents said they use either 529 college savings plan gift registries or online gifting tools.
“By sharing a link to a child’s 529 savings plan, a family can spread the word about these savings tools and let their friends decide. It’s an increasingly popular way to empower their broader network to participate in a child’s financial and educational future,” Polimeni said.
CSF members have implemented ways to make gifting easier:
Additionally, otherCSF member gifting programs have experienced robust growth:
gift.my529.org or by writing the code in the memo section of a check.
The College Savings Foundation (CSF)is a Washington, D.C.- based not-for-profit organization helping American families achieve their education savings goals. www.collegesavingsfoundation.org