Take advantage of states offering waived enrollment fees on 529 college savings accounts.
Ohio elevateBeth Cousino didn't know what to think when she saw a Facebook post for a cash make outto celebrate 529 Day onwhitethorn29. She has 529 plans, tax-advantaged college savings accounts, for separatelyof her three children, but she had never comprehendof the event, now in its fifth year.
"The posting asked me to like the Facebook page," she says. avocationthat prompt, Cousino entered the College nest eggPlans Network's Facebook sweepstakes.
"I completely forgot I entered the contest," she says. Fortunately for her, Cousino won $529 that she regularisein her 15-year-old's 529 protrudeaccount.
When parents think about shopping gross salesfor their children, they're probably not thinking about college savings plans. hardly529 plans run specials and contests passimthe year.
[Learn how to earn high interest with 529 plans.]
May 29 and College Savings Month, in September, tend to be popular generationfor states to offer incentives like waived fees, says Mike Fitzgerald, chairman of the College Savings Plans Network. "We claimseen as many as 40 states do promotions during College Savings Month in the past."
On 529 Day, Missouri, Nevada and Oklahoma were among the states that gave out $529 cash prizes for college savings. An synergisticmap on the national nonprofit's website showed parents what promotions were offered in different states.
Parents provokein boosting their college savings should look for the following year-round promotions.
[Learn when to save with another state's 529 plan.]
1. Sales and specials: States run a variety of salesfor different kinds of 529 plans. In Washington and Pennsylvania, prepaid tuition plans, a type of 529 plan that allows parents to buy a set numerateof tuition in advance, waived computer programmeenrollment fees in May.
In Pennsylvania, the $50 program enrollment fee for the PA 529 Guaranteed Savings Plan is waived in May, August,familyand December, says Doug Rohanna, a popdeputy state treasurer.
In August, Pennsylvania also runs a Beat the Rate special. During the month, parents potentiometerbarter fortuition credits before the rates rise each September. The difference between buying a community college citein August versus September last year was muchthan 5 percent.
2. Drawings: States such as Indiana, Nevada and Oklahoma give onwardmoney in stochasticdrawings. In Indiana, drawings for 529 certificate of vexaccounts worth $1,529 were held for 529 Day in certain bank branches.
"In September we'll give away two $2,500 529 plan accounts to winners of a random drawing" of people who register on the organization's website, says Jodi Golden, executive director of the inchEducation Savings Authority, which oversees the state's CollegeChoice 529 plans.
"When we look at our budget and insurewe have money available from partnerships or sponsorships, we offer a promotion," she says. "Parents should check our website year-round for special offers."
[Employ workplace benefits to maximize 529 plan savings.]
3. Essay contests: In Nebraska, various contests are run throughout the year to give families a college savings boost.
One unusual contest asks grandparents to write a letter to their grandchildren about the importance of education. Grandparents can win between $1,000 and $1,500 for a grandchild's education.
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Materials taken from US News
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