College Savings Foundation

20 video(s) found

Paul Curley

Director of Savings Research where I oversee data, research, events, ...

How the MEFA U.Plan Prepaid Tuition Program Works

It doesn’t take long to learn how the U.Plan works. This ...

Balancing Act video

Learn why you need to start saving for college and a MEFA tool that ...

Is There a Deadline for Saving for College?

Learn why it's never too late to start saving for college.

How to Start Saving for College

Learn how to start saving for college early and the different tools ...

U.Fund: The Massachusetts 529 Plan

Learn all of the important details about the U.Fund, the Massachusetts ...

College Planning Advice for Parents of Young Children

Learn why it's important for young parents to start saving for college ...

4 College Planning Tips for New Parents

MEFA Assistant Executive Director Elizabeth Fontaine gives her four ...

Common Myths about Planning & Saving for College

Every dollar saved will give your family options down the road when it ...

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Congress created 529 Education Savings Plans in 1996 under Section 529 of the Internal Revenue Code. They are state-sponsored, tax-advantaged vehicles for qualified post-secondary education expenses, such as tuition, fees, books, required supplies, equipment and room and board. There are two types of 529 Plans: savings plans, which allow families to save for expenses, and prepaid tuition programs, which generally allow families to make advance tuition payments to cover future attendance at a designated in-state public college or university system. Most states offer a 529 plan, and some states offer both savings and pre-paid plans.

A primary focus of CSF is building public awareness of and providing public policy support for 529 plans – an increasingly vital college-savings vehicle. CSF’s members include investment managers, broker-dealers, governmental bodies, law firms, accounting and consulting firms, and non-profit agencies that participate in the sponsorship or administration of 529 college savings plans.

College Savings Foundation
1300 Piccard Drive Suite LL14
Rockville, MD 20850
240.404.6478

Email: jdisanza@collegesavingsfoundation.org

PRESERVING, ENHANCING 529 PLANS
CSF’s key program goals are specifically focused on promotion, protection and enhancement of 529 plans.

A FORUM FOR DISCUSSION AND ACTION:
CSF brings together the industry and consumers on policy questions and provides a means for unified action on issues of concern to 529 plan investors and the industry. CSF provides a framework to assist with the orderly development of the programs and, in particular, acts as a resource for policymakers who share CSF’s objective of helping families realize their educational goals.

Tax Benefits

Investments grow on a tax-deferred basis, and earnings are free of federal income tax.
Contributions are eligible for gift tax exclusion as long as certain conditions are met.
Generally, account owners can remove contributions and future earnings from their taxable estate.
Certain 529 plans offer some type of state tax deduction when residents invest in their own state’s plan.

Flexibility

There are currently no income limits. Any U.S. resident or citizen, regardless of income, can open an account.
Account owners can withdraw money at anytime.
Funds may be used to pay qualified education expenses at any qualified educational institution in the U.S. (and some schools abroad), including any accredited public or private college or university, graduate school, two-year community or junior college and vocational and technical schools.
Eligible educational institutions include most U.S. schools and some schools located abroad. The institution must be eligible to participate in the U.S. Department of Education student aid programs. To determine if a school is an eligible education institution, search for its federal school code at www.fafsa.ed.gov.
Most plans offer low initial investments and a variety of investment options fitting various levels of risk and time horizons.

Control

The account owner decides when and how money in the account is withdrawn.
Account owners can change beneficiaries and investment options, according to IRS guidelines.

Start planning for your child’s future today!